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ARTICLE · 22 APRIL 2015

Wealth Management Update (April 2015)

Proskauer Rose LLP
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Obama Administration Announces Revenue Proposals

United StatesWealth Management
Albert Gortz
Albert Gortz
George Karibjanian
George Karibjanian
David Pratt
David Pratt
Mitchell Gaswirth
Mitchell Gaswirth
Andrew Katzenstein
Andrew Katzenstein
Henry Leibowitz
Henry Leibowitz
Lisa Stern
Lisa Stern
Philip Susswein
Philip Susswein
Jay Waxenberg
Jay Waxenberg
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Obama Administration Announces Revenue Proposals

The Obama Administration has recently announced its Fiscal Year 2016 Revenue Proposals in its annual "Greenbook." The Greenbook sets forth the Administration's proposals for changes in the tax law for the fiscal year. Although these proposals are not proposed legislation, they give us some insight into the Administration's legislative agenda for the coming year. Here is a summary of the relevant proposals:

Retirement Plans

  • Require "required minimum distributions" from Roth IRAs
  • Require non-spouse beneficiaries to take distributions over 5 years, rather than their life expectancy
  • Limit accrual of retirement benefits in traditional IRAs (no more contributions after $3.4 million in value)

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