President Obama has submitted his fiscal year 2011 budget to the US Congress. The budget includes proposals for tax increases for upper-income taxpayers, tax reforms and tax incentives for businesses, and tax reforms in the international area. The proposals are summarized in a Press Release issued by the US Treasury Department. Information is also provided in the so-called Green Book, which contains greater details on the proposals. With respect to business taxpayers, the proposals include: -   taxation of carried interests by investment fund managers at ordinary income rates rather than capital gains rates; -   elimination of capital gains...