You have heard a lot about limiting income tax deductions, credits and exclusions. Charities and the housing industry are lobbying heavily to keep their deductions.
What you may not know is a cap or other limitation on exclusions include limiting what taxpayers can contribute to a 401(k) plan or IRA on a pre-tax basis. At least one proposal would include pre-tax health insurance premiums thereby limiting that benefit as well.
Other proposals would lower the limits on the amount you and your employer can contribute to your 401(k) plan. Also under consideration is mandating a portion of your contribution be as a Roth after tax contribution (to raise revenue).
Some of these proposals may apply to high income people, others may be broader in impact.
The message is clear, keep an eye on the political rhetoric and don’t assume you won’t be affected by deficit reduction or tax reform
QUINNSCOMMENTARY 
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Thanks, I hope you are right and I hope you will let others know about this blog.
I make no money at this, but it’s nice to know it is being read, even when people may not agree with me.
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Here is a link to the tax policy center explaining why all the rhetoric about taxing the rich and limiting deductions won’t come close to putting a dent in future deficits.
No ideology, just arithmetic.
http://taxvox.taxpolicycenter.org/2012/12/07/current-revenue-solutions-will-barely-reduce-the-deficit/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+taxpolicycenter%2Fblogfeed+%28TaxVox%3A+the+Tax+Policy+Center+blog%29
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