Most of us will not read the Presidents’ Budget proposal and it's doubtful the Senate will even consider it.  After all they have not passed or considered a budget in the last 3 years.    But there are several items he would like to do that should not escape the attention of all of us, regardless of our income.  The fact is what is put upon some has always eventually trickled down to the rest of us at some point.

One proposal would limit the tax rate at which high-income taxpayers can reduce their tax liability to a maximum of 28%, right now would only affect married taxpayers filing a joint return with income above $250,000 and single taxpayers with income above $200,000.  This limit would apply to itemized deductions, foreign excluded income, tax-exempt interest, employer sponsored health insurance and retirement contributions, “PlanSponsor” reported.

This attack would penalize these couples and individuals who save for their retirement. “The tax breaks targeted in the proposal are deferrals, not write offs, so people hit by the changes would effectively be subjected to double taxation,” Brian Graff, executive director and CEO of the American Society of Pension Professionals and Actuaries, was quoted as saying.