What it would do is it would reduce the value of itemized deductions in the top income bracket, to cap them at 28 percent, which is what people in the bracket below get, and it would take the value of itemized deductions back to where they were in the Reagan administration.

WHITEHOUSE: Press Briefing on the President's Budget

Going back to my stated goal of being in a high tax bracket, one of the strangest stories of taxation is the variability of top income tax rates over the years.

FORBES: Weird tax tidbits

If no further action is taken by Congress, the maximum individual income tax bracket would increase to a stated rate of 39.6%, but an effective marginal rate of 40.8% for most high-bracket taxpayers due to a limitation on itemized deductions that would also come back in 2013.

FORBES