Defining Wealthy Down

Remember those of us who said that Obama would have to lower the bar for what is considered “wealthy” in order to pay for his spending?  It’s happening. 

President Barack Obama wants Congress to consider taxing the wealthy instead of workers to pay for a health-care overhaul, as House Democrats discuss a plan to require health insurance for most Americans.

[...]

Obama’s own proposal would set a 28 percent cap on tax deductions for items such as mortgage interest, investment expenses and charitable gifts for Americans in the two highest tax brackets, which would be 36 percent and 39.6 percent under his proposals. Without the cap, they would be able to deduct 36 cents and 39.6 cents on the dollar for those expenses, respectively.

This would apply to single taxpayers making $171,550 and higher.  $208,850 for a married couple.  So much for the old yarn about his tax increases not hitting anybody earning less than $250,000.

BTW, by the end of his presidency, the threshold for being “wealthy” will go even lower.