Daily Tax Update - March 17, 2015: House Budget Committee Introduces Fiscal Year 2016 Budget Resolution

House Budget Committee Introduces Fiscal Year 2016 Budget Resolution:  Today the House Budget Committee introduced its Fiscal Year 2016 budget proposal.  Following the introduction of the budget proposal, House Budget Committee Chairman Tom Price (R-GA) issued a statement saying that the proposal “is a plan that balances the budget in less than ten years, secures and strengthens vital programs - like Medicare - provides, our military men and women with the resources they need to protect American families, and would make Washington more efficient, effective, and accountable to hard-working taxpayers.”  Among other things, the budget proposal would repeal the Affordable Care Act, cut $5.5 trillion in spending, reduce individual and corporate tax rates, and repeal the alternative minimum tax. 

House Ways and Means Committee Member Announces Resignation:  Rep. Aaron Schock (R-IL), a member of the House Ways and Means Committee, announced today that he would resign from Congress on March 31 following questions about spending by his office.