"Reverting to pre-Bush tax rates on incomes above $250,000 – as the President and many Democrats have long advocated – would raise about $1 trillion over the next ten years. In order to achieve approximately the same amount of deficit reduction, the limitation on deductions would have to be set at 15%. In other words, taxpayers in marginal tax brackets above 15% would lose some of the benefit of their itemized deductions. Obviously, such a change would have the greatest impact on taxpayers in high brackets with a lot of deductions. In particular, the limitation on deductions would hit taxpayers in high tax states – such as NY and California – particularly hard......."Personally, I am in a high tax bracket, I own my own business. Fortunately, it's a fairly recession proof business so I'm prepared to absorb a small hit.
So Mr. Speaker, let's just forget your tepid support for the Tea Party and grow a pair. Mr. Boehner, double down on B-Rock and propose raising taxes at a much greater rate than him. Let's see how Mr. Schumer and Ms. Gillibrand of NY, and Mrs. Boxer and Feinstein, and former speaker Nancy Piccolo of California vote and explain that to their constituents.
Yeah, the wealth will have a little less to put into their over educated slacker kids trust funds....but I think they'll survive.