February 27, 2009

ET TU, BARRACK?:

Dem backlash to Obama tax plan? (JOSH GERSTEIN | 2/27/09, Politico)

In a move that reprises several pitched Washington battles, Obama is proposing to limit the federal tax deduction for state and local taxes. He would cap most itemized deductions at 28%, effectively hiking federal taxes further on families making more than roughly $250,000. Taxpayers in higher brackets, whose federal income tax rate is set to rise as high as 39.6% in 2011, would lose up to a quarter of their current deductions.

The limit would have the greatest impact in high-tax states like New York New Jersey, California and Maryland, as well as in the District of Columbia.

Sen. Charles Schumer deemed a similar proposal by President Bush "a dagger aimed right at the heart of New York."

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Posted by Orrin Judd at February 27, 2009 7:42 AM
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