Obama 2012 Budget Proposal In: Peter Schiff Predicts Grim Economic Future

The biggest tax hike would come from a proposal to trim the deductions the wealthiest Americans can claim for charitable contributions, mortgage interest and state and local tax payments. The administration proposed this tax hike last year but it was a nonstarter in Congress.
Obama's budget would also raise $46 billion over 10 years by eliminating various tax breaks to oil, gas and coal companies.