Daily Tax Update - March 24, 2015: Senator Wyden Calls for Budget That Gives All Americans the Chance to Get Ahead

Senator Wyden Calls for Budget That Gives All Americans the Chance to Get Ahead:  Today Senate Finance Committee Ranking Member Ron Wyden (D-OR) delivered a statement on the Senate floor regarding the budget debate, calling for a budget that would “give all Americans the chance to get ahead.”  Among other things, Senator Wyden called for increased investment in American infrastructure, funding for agricultural research, permanent low-income and middle-class tax cuts, and support for health programs.  Senator Wyden criticized the Republican budget plan, stating that “[w]ith so many Americans struggling to climb the economic ladder, a budget plan that slashes Medicaid, increases middle-class taxes, makes college less accessible, and falls short on job-creating investments is the wrong path to follow.” 

Miscellaneous Guidance:
Revenue Procedure 2015-25 provides the list of countries for tax year 2014 for which the minimum time requirements of the foreign earned income exclusion are waived.  The countries listed for tax year 2014 are Libya and Yemen.