Feb 06, 2015
From the Tax Governance Institute
President Obama, on February 2, transmitted to Congress his fiscal year (FY) 2016 budget, containing the administration’s recommendations to Congress for spending and taxation for the fiscal year that begins on October 1, 2015.
The president proposes expenditures for discretionary programs at $74 billion above the spending caps set in the Budget Control Act of 2011. The total proposed FY 2016 spending reflected in the administration’s budget is $4 trillion, of which $1.09 trillion is proposed for discretionary spending programs, divided roughly equally between defense ($561 billion) and nondefense ($530 billion) discretionary programs.
The president also proposes a six-year $478 billion program for transportation infrastructure, the cost of which would be offset in part by a one-time tax on the unrepatriated foreign earnings of U.S. multinational corporations.