Tax Notes has published an article discussing President Obama's 2011 budget proposal, which would bring back a cap on itemized deductions. The cap would limiit all itemized deductions to 28 percent, the same rate that was in place at the end of President Reagan's administration, and would also affect charitable deductions. Obama's budget proposal also contains a provision expanding the use of Build America Bonds, which state and local governments may issue for capital expenditures.
See "Obama's Fiscal Budget Proposal Revives Itemized Deduction Cap," 2010 TNT 21-6, February 1, 2010.
Posted by Jenny Robertson, Associate Editor, Wealth Strategies Journal.
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