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February 5, 2007
HP-512 General Explanations
of the
Administration’s Fiscal Year 2008
Revenue Proposals This report summarizes the revenue proposals in the Administration's Fiscal Year 2008 Budget. These proposals include making permanent the tax relief enacted in 2001 and 2003, which is essential for promoting economic growth and higher living standards in the future. The other proposals, also intended to strengthen the American economy, affect a wide range of areas, including simplifying and encouraging saving, encouraging entrepreneurship and investment, investing in health care, providing incentives for charitable giving, strengthening education, and protecting the environment. Additionally included are proposals to simplify the tax law for families, improve tax compliance, improve tax administration, improve unemployment insurance, modify energy provisions, and extend expiring tax provisions.
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