Eliminate itemized deductions on those making $250K or more?

Kittycat

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Thu Feb-26-09 10:09 PM
Original message

Eliminate itemized deductions on those making $250K or more?

Can someone fill me in? Is this proposal to completely eliminate itemized deductions or limit them? If it's to limit it - can someone please share a link for me so I can read about it. I tried google, but it kept returning a single ABC blog, then Freeper & Insanity Hannity threads.

For the record, no - we do not make $250K/year, and do not see that anytime in the near future. I'm just trying to educate myself on this - as it's starting to come up at another site I go to with conservatives. Thanks :D

For reference, ABC Blog:
http://blogs.abcnews.com/politicalpunch/2009/02/obamas-budget-a.html

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exboyfil

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Thu Feb-26-09 10:15 PM
Response to Original message

1. If you are trying to stabilize home prices probably not the best

move. On a long term I can go for it for everyone since I am quickly approaching the point of being under the standard deduction anyway.

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Jeff In Milwaukee

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Thu Feb-26-09 10:15 PM
Response to Original message

2. Many itemized deductions are phased out at high incomes...

I don't have a link to the current proposal.

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Kittycat

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Thu Feb-26-09 10:16 PM
Response to Reply #2

3. But they're not eliminated, right?

Edited on Thu Feb-26-09 10:17 PM by Kittycat

So people with a mortgage/property - those types of traditional deductions will still be allowed? It's limit vs. eliminate that I'm dealing with - and I don't want to counter without knowing what is right. Eliminate all together sounded incorrect to me.

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FrenchieCat

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Thu Feb-26-09 10:17 PM
Response to Original message

4. That's what happens now anyways......

they are eventually phased out, the more you make.....

I just think they are going to cap it off a bit earlier than
happens currently....is all.

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