Look what’s back in the budget, according to the Wall Street Journal:
As in last year’s budget, Mr. Obama proposed Monday to go further by limiting the value of those benefits, which include deductions for mortgage interest and some charitable deductions, to 28% of the deduction. The highest-income earners under current law could lower their taxes by up to 39.6% of those deductions.
The limit on itemized deduction faced strong resistance from Democratic and Republican lawmakers, and is opposed by a battery of interests from realtors to charities.
The shocking foolishness of this proposal and its ideological components were exposed by COMMENTARY’s David Billet in his article last summer, “The War on Philanthropy,” which you can read here.