Losing deductions as you earn more money effectively raises people's marginal income tax rate
and discourages work.
President Barack Obama is proposing a series of tax increases, mainly on the wealthy, to help cover the cost of a $447 billion economic stimulus proposal, budget chief Jack Lew said on Monday.
Lew said Obama's plan would raise $400 billion over 10 years by placing new limits on itemized deductions for individuals making more than $200,000 a year and families earning more than $250,000. . . .
Labels: Obama, stimulus, Taxes