Posted on 03/04/2009 3:36:27 PM PST by Oldeconomybuyer
WASHINGTON – President Barack Obama's proposal to limit itemized tax deductions for high earners is running into opposition from key Democrats in Congress who worry that charities and the housing market would be hurt. Senate Finance Committee Chairman Max Baucus questioned Wednesday whether the proposal was viable, a day after his House counterpart also expressed reservations.
Treasury Secretary Timothy Geithner said tax increases on families making more than $250,000 a year are necessary to make a down payment on health care reform and to limit future budget deficits. But, he said, he was willing to work with lawmakers on proposals they objected to. [snip]
But some key Democrats are wary of limiting deductions.
"I don't want to prejudge anything, but it is certainly one that I am having difficulties with," said Sen. Robert Menendez, D-N.J.
On Tuesday, Rep. Charles Rangel, chairman of the tax-writing House Ways and Means Committee, said he, too, had reservations about the proposal.
"I would never want to adversely affect anything that is charitable or good," the New York Democrat said.
Republicans have been even more critical of the proposal, saying it would reduce charitable donations at a time when many charities are struggling.
"There are people with the means to help. Why would you make it harder for them to do it?" said Rep. Thaddeus McCotter, chairman of the Republican Policy Committee.
Geithner said the change would merely restore the same deduction limits that were in place when President Ronald Reagan left office. [snip]
(Excerpt) Read more at news.yahoo.com ...
WTH. AP trying mislead with the headline again.
and abortion. and gay marriage. and gun grabbing. and spending. and health care. and cutting the military. and raising tax rates......if there isn't a major revolution against the Democrats in 2010, I will be surprised.
I don’t think these Congress people realize they are signing away their lives too. There won’t be a Congress. Obama won’t need them. Only he and a few select in his adminstration will be making the rules. They will become like the rest of us. They better start really looking at what the bill says.
Itemized deductions in general are already limited for the wealthy. If this were tweaked up slightly, I don’t think it would be a big deal.
it sure is a big deal for all those charities that are already seeing a drop in contributions due to this economy
Please, guys, don't let this jerk shift focus to Rush Limbaugh, etc.
Hussein is a disaster in his own right: he is proposing onerous taxes and spending. Point out those facts. He is not the Messiah. Take him on.
Recruit black conservatives to speak out if you're gonna wet your pants about criticizing "the first black President". But do something....GROW A PAIR.
bump #7
Translation - O’s tax proposals directly effect key Democrat’s wallets...
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