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2016 Budget Targets Retirement
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.
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