Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Accounting and Financial Planning for Law FirmsCommercial LawFeaturesKickerLJN NewslettersNewsRegulationSectionsTopics

2016 Budget Targets Retirement

By Lawrence L. Bell
February 28, 2015

Last month, the Obama Administration's Fiscal Year 2016 Budget (150 pages) was published, along with the Department of Treasury's Greenbook, The Greenbook (312 pages) is a detailed explanation of the President's proposed budget. Because the proposed legislation must pass a Republican led Congress, the President's budget may be “aspirational.” It is a good indicator of the tools the Administration is prepared to use to fund its wish list.

This year's version of the budget included a number of provisions targeting retirement plans. The Administration's attack on retirement savings have been a regular feature of budgets in recent years. It is of interest how many proposals were targeting retirement accounts, and how many new proposals there are. The budget featured over 15 provisions that, if they were to become law, could change the planning that has previously been permitted. The reference in the Greenbook to end Crummey powers in irrevocable life insurance trust is entirely consistent with the money grab. See, Greenbook, p. 204. Additionally, if you consider proposed changes in President Obama's State of the Union address to tax the appreciated assets in a decedent's estate in addition to estate and inheritance tax, the Administration supports a confiscatory orientation to taxation.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

A Lawyer's System for Active Reading Image

Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.

Protecting Innovation in the Cyber World from Patent Trolls Image

With trillions of dollars to keep watch over, the last thing we need is the distraction of costly litigation brought on by patent assertion entities (PAEs or "patent trolls"), companies that don't make any products but instead seek royalties by asserting their patents against those who do make products.