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White House Tax Reform

01.23.2015 - Reactions to the White House Tax Reform Ideas.

The White House’s publication over the weekend of tax recommendations has caused a flurry of reactions from political pundits from both sides of the aisle, as well as the financial community.  You can read the full document here.

Some taxpayers will not be pleased with proposals such as: 

reducing tax benefits for new contributions to Section 529 Educational Plans
increasing the top rate on long-term capital gains from 20% to 28%, plus the 3.8% tax introduced last year;

further complicating and taxing estates on their capital gains by eliminating the “stepped-up” basis at death;

requiring small businesses to offer automated IRA plans to all full-time and part-time workers; and 

penalizing taxpayers for accumulating retirement benefits in excess of $3.4 million.

On the other hand, some of the ideas should appeal to certain taxpayers, including:

increasing the child care tax credit

simplifying the Pell Grant taxation rules

Whatever your reaction to the President’s suggested changes, one thing is certain. Any changes that are eventually incorporated into the already highly complex U.S. tax rules will require a review with your tax professional regarding the ramifications for your personal of business tax situation.


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Frazier & Deeter, a Top 100 Largest CPA Firm in the United States, has accountants and business advisors who offer a full range of assurance and advisory services in the areas of audit, tax and management consulting and personal tax planning and compliance. As a leading accounting firm, we serve clients across the nation and internationally that include closely-held companies, SEC companies, and nonprofit entities. Headquartered in Atlanta, Georgia, we have been recognized as the 56th largest accounting firm in the nation, as one of the Top 25 Best Managed CPA firms in the country, and one of the Best Accounting Firms to Work for in the U.S.
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