[quote=SK in CV]So far, they’re only “on the table” in the same respect that legalizing pot under federal law is on the table. Nobody that’s actually involved in the negotiations has publicly mentioned eliminating, capping or even limiting the mortgage or 401K deductions. Remember, eliminating or capping deductions was the preferred Romney method of increasing revenue. It kind of, sort of, sounded like a good idea until he was asked to name specific deductions. He wouldn’t. He couldn’t. And the reason is that these deductions don’t mainly hit the top 1%. They hit mainly those between the top 1% and the top 3%. The 2%ers. Those earning between $250k and $400K. Anything to save the really rich from paying more. If they can’t get the poor to pay more, maybe they can get the almost rich to pay more.

I think your deductions are safe.[/quote]

If that’s the case, I would say these policy would be consistent with what our government has been trying to do all along. Tax above average W2/1009 salaried slave workers, while leaving the top 1% with their loopholes intact, meanwhile given the of america the impression “job done…see rich are now paying more”…..Well it doesn’t matter, because given if it was the other party in control, they would do the same thing….

Personally, I’d be more fearful of what CA government can do, versus what the Fed will do at this point.