On Valentine’s day, the “General Explanations of the Administration’s Fiscal Year 2012 Revenue Proposals,” better known as the Greenbook was released. In part, the Administration wants to do the following:

  • Expand the child and dependent care tax credit
  • Make the American Opportunity Credit permanent
  • Provide an income exclusion for certain student loan forgiveness
  • Tax qualified dividends and long-term capital gains at a 20% rate for upper income tax payers
  • Make permanent the portability of unused estate tax exemptions between spouses
  • Cap the value of otherwise allowable deductions to 28% for high income taxpayers
  • Expand the research and experimentation credit and make it permanent
  • Make the $125,000 annual limit on the Section 179 deduction permanent
  • Repeal the LIFO and lower of cost or market inventory methods 

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