The limit on the value of itemized deductions and the so- called Buffett Rule proposals revived in the budget would increase income taxes for some wealthy families, said Messing of Wells Fargo Private Bank.
The Buffett Rule, named for billionaire investor Warren Buffett, would impose a 30 percent minimum tax on households with more than $2 million in annual income after charitable contributions.
The budget also repeats a call to tax the share of private- equity managers’ profits in buyout deals, known as carried interest, at ordinary income rates rather than preferential rates provided to long-term capital gains.