Which is what I figured President Obama would do, if he were elected. So, this really should not be a big story, but it is the headlines. So, here we go! 
Via the New York Times:
President Obama will propose further tax increases on the affluent to help pay for his promise to make health care more accessible and affordable, calling for stricter limits on the benefits of itemized deductions taken by the wealthiest households, administration officials said Wednesday.
The tax proposal, coming after recent years in which wealth has become more concentrated at the top of the income scale, introduces a politically volatile edge to the Congressional debate over Mr. Obama’s domestic priorities.
The president will also propose, in the 10-year budget he is to release Thursday, to use revenues from the centerpiece of his environmental policy — a plan under which companies must buy permits to exceed pollution emission caps — to pay for an extension of a two-year tax credit that benefits low-wage and middle-income people.
The combined effect of the two revenue-raising proposals, on top of Mr. Obama’s existing plan to roll back the Bush-era income tax reductions on households with income exceeding $250,000 a year, would be a pronounced move to redistribute wealth by reimposing a larger share of the tax burden on corporations and the most affluent taxpayers.
Administration officials said Mr. Obama would propose to reduce the value of itemized tax deductions for everyone in the top income tax bracket, 35 percent, and many of those in the 33 percent bracket — roughly speaking, starting at $250,000 in annual income for a married couple.
Under existing law, the tax benefit of itemizing deductions rises with a taxpayer’s marginal tax bracket (the bracket that applies to the last dollar of income). For example, $10,000 in itemized deductions reduces tax liability by $3,500 for someone in the 35 percent bracket.
Mr. Obama would allow a saving of only $2,800 — as if the person were in the 28 percent bracket.
The White House says it is unfair for high-income people to get a bigger tax break than middle-income people for claiming the same deductions or making the same charitable contributions.
The officials said the resulting increase in revenues, estimated at $318 billion over 10 years, would account for about half of a $634 billion “reserve fund” that Mr. Obama will set aside in his budget to address changes in the health care system. The other half would come from proposed cost savings in Medicare, Medicaid and other health programs.
This is just more of the “Robin Hood” style of Democrat policy, steal from the rich and give to the poor socialism, that I knew would happen, if Obama were elected. There also seems to be a bit of “Rob Peter, to pay Paul”, kind of stuff in there too, which does not surprise me at all. That whole “cost savings” thing there, that’s political mumbo jumbo for, “We’re going to rob someone out of their coverage, to give to the people signed up on nationalized healthcare.” In essence, it is basically legalized thievery. But then again, so is socialism.
Another way of putting that “Cost Savings” bit would be to say this; “We’re going to rob some old poor White Guy or disabled White Woman, out of his rightful coverage of Medicare and Medicaid, to give it to some welfare queen, so she and her 25 kids under different daddies can all have health coverage from the Government.” But, again, that is the essence of Socialism; Rob the Rich White man or Woman, (Like my disabled Aunt) and give to the black Welfare queens with the 25 kids by 25 different daddies.
Welcome to Communist America people, we’ve got four long, hard, cold, years of this stuff. Get ready to open your wallets and pay the welfare queens.