White House Rethinks Tax Hikes
Obama Open to Revising Plan to Cap Breaks on Mortgage Interest and Donations
By
John D. Mckinnon
and Martin Vaughan
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The Obama plan would cap the value of deductions for families making $250,000 and up. Under current law, a $1,000 deduction is worth up to $350 for such taxpayers, because they can avoid tax rates of up to 35% on that income. The Obama cap on deductions would make the $1,000 deduction worth a maximum of $280.
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John D. Mckinnon
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