It’s that time of year when the President releases his annual wish list of tax revenue proposals, also known as the “Green Book”.  The 2017 Green Book includes many familiar items such as taxing Carried Interests as ordinary income, capping certain itemized deductions by individuals at a 28% tax rate benefit, and broad-based international tax reform.  The proposals include other interesting items such as eliminating the tax basis step up at death over $100,000 per person, raising the top tax rate on capital gains and qualified dividends from 20 percent to 24.2 percent, broadening the scope of the 3.8% net investment income tax (NIIT) so that all active business income would be subject to either the NIIT or Medicare payroll tax, and limiting the amount of capital gain deferred under section 1031 to $1 million (indexed for inflation) per taxpayer per taxable year.  The Treasury press release provides more background and proposed effective dates.