Never mind talk about curbing tax breaks for corporate jets and big oil companies like Exxon Mobil and Chevron, the largest dollars in President Obama’s proposed deficit-reducing tax hikes ($293 billion over ten years) come from limiting the value of itemized tax deductions claimed by the better off, according to Forbes.
While it’s gotten little notice on the mainland, Obama’s birth state has just raised its taxes on the well off in much the same way. Last month, Democratic Governor Neil Abercrombie signed S.B. 570, making Hawaii the first state in the nation to place a dollar cap on the itemized deductions that better off taxpayers can claim.
For 2011 through 2015, singles in Hawaii with adjusted gross income above $100,000 will be allowed to claim a maximum of $25,000 in deductions for mortgage interest, charitable giving, medical expenses and the like, while couples with AGI above $200,000 will be allowed no more than $50,000. Moreover, the new law requires these folks to figure their tax bills another way, ..
http://blogs.forbes.com/janetnovack/2011/07/09/hawaii-adopts-obama-style-tax-hike-on-rich/
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