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ARTICLE · 04 NOVEMBER 2015

Tax Policy Update - October 27, 2015

McGuireWoods LLP
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NUMBER OF THE WEEK: $80 billion - The total cost of raising the current sequestration caps under a new two-year budget deal released by bipartisan budget negotiators on the evening of Oct. 26.

United StatesTax
Russell Sullivan
Russell Sullivan
Rosemary Becchi
Rosemary Becchi
Danielle Dellerson
Danielle Dellerson
Radha Mohan
Radha Mohan
Lai Lam
Lai Lam

NUMBER OF THE WEEK: $80 billion

The total cost of raising the current sequestration caps under a new two-year budget deal released by bipartisan budget negotiators on the evening of Oct. 26. For the FY2016 budget, the caps will be raised by $50 billion, and the FY2017 budget will see an increase of $30 billion. The budget cap increases will be divided evenly between defense and non-defense spending. With the Nov. 3 debt-ceiling deadline just around the corner, the newly-proposed budget deal would also temporarily suspend the debt limit until Mar. 15, 2017. Offsets for the $80 billion include the sale of oil from the Strategic Petroleum Reserve, partnership tax compliance changes, public auction of spectrum, pension smoothing, surplus from the Crime Victims Fund and Asset Forfeiture Fund, and the repeal of automatic enrollment under the Affordable Care Act.

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