With the election results, it is clear that the democrats believe they have a "mandate" to raise taxes. King Harry said as much! So the Bush Tax Cuts are pretty sure to expire in my opinion. If they don't, it will only be as camouflage for other, probably more costly, "revenue enhancements"
Any limitation on mortgage deductions will primarily hit the wealthy AND middle income with children. My wife and I have a house with a mortgage in Dallas/Ft. Worth, yet we don’t itemize deductions because the mortgage deduction doesn’t add up to enough with other deductions…we have no kids. So I honestly couldn’t care less if that deduction is eliminated.
Eliminate charitable contributions and you effectively eliminate charities! Look back at the financial difficulties many fought when the deduction for donated vehicles was changed.
The non-taxable status of employer health insurance contributions will go first. It is the biggest and the proof is that employers will soon be required to report this on your w-2. It is a HUGE tax increase (4 times the so-called Bush Tax Cuts annually) and if those cuts expiration will cause trouble, what do you think increasing it by a factor of 5 will do? Depression here we come!!
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