We should cut deductions instead of raising rates. After all, Romney won.
Obama and Romney both ran on raising taxes on upper income brackets.
Since Romney is a compulsive liar, nobody took it seriously that he was running on raising upper income taxes much more than Obama was, but Romney claimed that he intended to cut everyone's taxes 20% and then raise taxes on the rich enough to make it revenue neutral. Do the math and that would be the biggest tax increase on the rich ever seen in a nation that had not just undergone a communist revolution.
Of course Romney was lying, but he was indeed running on a big increase in the taxes of the rich accomplished entirely by cutting deductions.
And since Romney won so big in the election, it makes sense that we are now talking about raising taxes on the rich Romney's way. By cutting deductions.
Joking aside, I have no interest in selectively discouraging rich people from buying real estate and contributing to charity. Why specifically penalize two activities that are fairly benign in our current circumstances?
They trotted out the deduction stunt. They lost. The end.