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Obama: 28 percent cap on tax deductions

Democrats Weigh Health Mandate as Obama Urges Taxing Wealthy - Bloomberg.com

Quote:

Lawmakers have a plethora of proposals to raise the hundreds of billions estimated to be needed for an overhaul, including new taxes on soda, beer, and wine, and a partial tax on employer-provided health insurance for the first time. The tax-free nature of employer-provided insurance is the biggest tax expenditure in the federal budget.

Obama’s own proposal would set a 28 percent cap on tax deductions for items such as mortgage interest, investment expenses and charitable gifts for Americans in the two highest tax brackets. Obama also proposes new taxes on securities dealers and life insurers, and to raise revenue by prohibiting certain estate-planning techniques.

You'll see Obama's dream very soon.

Re: Obama: 28 percent cap on tax deductions

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Now the real 28 percenters show who they are.

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