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Obama Reconsiders Tax On Mortgage Interest, Charitable Donations

First Posted: 04/05/09 06:12 AM ET Updated: 05/25/11 02:05 PM ET

Obama

Wall Street Journal:

WASHINGTON -- President Barack Obama is meeting strong Democratic Party resistance to his proposal to reduce tax deductions enjoyed by upper-income Americans and could be forced to drop or modify the idea.

Mr. Obama in his budget blueprint last week proposed a cap on itemized deductions for mortgage interest and charitable donations to help pay for his health-care overhaul. The plan would cost wealthier taxpayers about $318 billion in new taxes over 10 years, according to government estimates.

Read the whole story: Wall Street Journal

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Filed by Julie Satow  |