Tax Hike Will Be for FY2011

The $318 billion President Obama wants to raise over the next ten years for his $634 billion Health Care Reserve Fund -- from reducing the itemized deduction rate for families with incomes over $250,000, limiting it to 28 percent -- that he wants to raise in FY2010.

- jpt

Update

The White House changed its information late Wednesday and now says that the tax hike will take place in fy2011.

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