Updated Friday, August 1, 2014 as of 9:53 AM ET
Practice - Regulatory/Compliance
How Spending Cuts, Debt Ceiling Could Impact Clients' Tax Picture
by: Kenneth Corbin
Wednesday, January 30, 2013
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President Obama, for instance, has proposed capping exemptions and deductions at the 28% tax rate, which would have the effect of increasing the tax burden on high-end earners. An individual in the highest 39.6% tax bracket, for instance, would only be able to deduct certain items at 28%, unlike the current system which allows deductions equivalent to a payer's tax bracket.

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