Grassley Charges Obama With Budget Sleight of Hand

ABC News' David Chalian reports:  A senior GOP member of the Senate Budget Committee, Sen. Chuck Grassley, R-Iowa, urged President Obama and his budget team to practice what they preach. 

"If you want honesty in budgeting and you want high marginal tax rates, why camouflage it and lead the public to believe that you only have a  39.6% marginal tax rate when in fact you have 42 or 43 [percent]," he said.

Sen. Grassley was answering ABC's Sam Donaldson's question on ABC News Now's "Politics Live" program when he accused the Obama administration of playing sleight of hand with some numbers.  When asked about the Obama plan to bring in some revenue by reducing the amount of itemized tax deductions for high earners, Grassley said he believes that move "takes a 39.6 percent marginal tax rate and by camouflaging it by reducing deductions, maybe up to 42 or 43 percent marginal tax rate," said Grassley.  "Now I would, you know, each of those are too high for the economy as far as I'm concerned," he added.

The White House rolled out its budget plan this morning projecting forward for the next 10 years.  You can read all the highlights HERE.

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