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Text of White House's Budget Proposal Cutting Back on Income Tax Benefit of Retirement Plan Contributions for High-Earners (PDF)
White House Link to more items from this source
Feb. 15, 2012
The proposal would limit the tax value of specified deductions or exclusions from [Adjusted Gross Income] and all itemized deductions. This limitation would reduce the value to 28 percent of the specified exclusions and deductions that would otherwise reduce taxable income in the 36-percent or 39.6-percent tax brackets.... The income exclusions and deductions limited by this provision would include any ... employee contributions to defined contribution retirement plans and individual retirement arrangements[.]

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