Posted on March 5, 2009 by Joseph M. Wallin

Obama Administration Appears Flexible On Proposed Cap On Personal Deductions

From the Wall Street Journal: The Obama administration has proposed, beginning in 2011, to cap personal deductions for high income taxpayers (families with more than $250,000 in income) to 28%.

Yesterday, the Wall Street Journal reported that the Obama Administration appears flexible on this point and may in fact back be willing to back down on it or modify it.  We will keep you posted as we hear more.

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Corporate Finance Law Blog - April 30, 2009 9:26 AM
We have previously blogged about the Obama administration's proposal to cap personal deductions for high income taxpayers at 28%. According to the New York Times, this proposal did not make it into the budget. Good news for high income...
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