OBAMA "DEMS HATE TAX HIKE"

President Obama proposal to limit itemized deductions on high income earners is running into key opposition from key Democrats in the Congress who worry about charities and the housing market would be hurt. Senate Fiance Committee Chairman Max Bacaus questioned Wednesday whether the proposal was viable, a day after his house counterpart also expressed reservations. We recognize there are other ways of to do this Geither told the fiance committee. Bacuas said that he thought that the Administration proposal would be flexible on the proposal. "They want Health Care reform as much as I do "he told reporters. Geithner and White House Budget Director Peter Orszag returned to Capitol Hill for a second day of hearings on the Obama Administration 3.6 trillion dollar budget. President Obama wants to put a down payment of 634 billion dollars on Health care Reform. Therefore, for the President to get this money he, raised taxes on married couples making over 250,000 a year will receive a tax hike and individuals making over 200,000 a year. President Obama wants to raise the tax rates at the top level from 35 to 39 percent by allowing the Bush Tax Cuts to expire in 2011. President Obama wants to limit deductions on mortgage interest, charitable contributions and state and local taxes. Rep. Charles Rangel of New York a "Socialist" and Chairman of the tax writing committee House And Ways Committee said he, too had reservation about the proposal. Rangel said; I never want to adversely affect anything chartiable or good. Finally, Republicans have been more critical of the of the proposal , saying it would reduce charitable donations at a time when many charities are struggling.