So there we have it: The president's proposed budget. Or, as some people are calling it, the president's “political document.”

I'm curious what the shelf life of this thing will be. Both sides will get some mileage out of it during their campaigns. Beyond that, I think it's nothing more than a paperweight — made, ironically, out of paper. It'll never get passed in its current form.

Still, there are a number of proposals in this thing that CPAs should pay attention to, particularly when it comes to taxes. Let's take a look at some of them.