President Obama on Monday may propose limiting tax breaks for the rich, budget and policy experts say.
In the president’s past two budget requests, he called for limits on the value of itemized deductions for those in the top two tax brackets. That would include deductions for mortgage interest and charitable contributions.
The proposals went nowhere — in part because charities claimed that their funding, already hurt by the recession, would suffer even more. And the lobbyist-heavy real estate industry spoke out against it as well.
But this time, the proposal might be better received given the increased political and public awareness of U.S. debt and an improved economic climate.
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