President's 2013 budget proposes AMT, LIFO repeal

02/13/2012 | JournalofAccountancy.com

President Barack Obama unveiled his proposed FY 2013 budget on Monday. It is full of specific tax proposals, and five principles for tax reform. The budget proposes that a "Buffett Rule" replace the current alternative minimum tax and that certain 2001 and 2003 tax cuts be allowed to expire. The budget would also repeal the LIFO method of accounting for inventories.

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