Share with your friends

FY 2017 budget: Initial document is released

FY 2017 budget: Initial document is released

The Office of Management and Budget this morning released an initial budget document for fiscal year (FY) 2017.


Related content

This initial budget document [PDF 3 MB] provides the budget message of the president, information on the president’s priorities, and summary tables. This document contains certain high-level observations about the tax proposals, including:

  • Reform of taxation of capital income
  • A financial fee on large, highly leveraged financial institutions
  • Limitation of itemized deductions and tax preferences for certain “higher earner” individuals
  • Close tax loopholes including “carried interest”
  • Change the payroll tax rules for high-income individuals
  • Impose the “Buffet rule” 
  • An outline for business tax reform

Read more about the FY 2017 budget on the White House website. Treasury will release a more detailed description of the tax provisions in the FY 2017 budget (the “Green Book”) early this afternoon. 

Future releases will be provided as the full budget documents become available.

© 2019 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


Request for proposal