White House Rethinks Tax Hikes
Obama Open to Revising Plan to Cap Breaks on Mortgage Interest and Donations
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John D. Mckinnon
and Martin Vaughan
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WASHINGTON, March 5, 2009, The Wall Street Journal — President Barack Obama is meeting strong Democratic Party resistance to his proposal to reduce tax deductions enjoyed by upper-income Americans and could be forced to drop or modify the idea.
Mr. Obama in his budget blueprint last week proposed a cap on itemized deductions for mortgage interest and charitable donations to help pay for his health-care overhaul. The plan would cost wealthier taxpayers about $318 billion in new taxes over 10 years, according to government estimates.
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