Two new tax cuts for the rich set to take effect

[quaoar]

Good to know that millionaires will finally get some relief.

http://www.cbpp.org/2-4-05tax.htm

Both of these tax cuts were enacted in 2001. One of these tax cut measures repeals a provision of law enacted in 1990 that scales back the magnitude of itemized deductions that high-income taxpayers can take. The other tax-cut measure repeals another provision enacted in 1990, under which the personal exemption is phased out for households with very high incomes. (See the box for a fuller description of the two provisions of law that are to be repealed.) Under the 2001 tax cut legislation, these two current provisions of law are to start being phased out in 2006 and to be eliminated entirely in 2010.