One of the impacts from the fiscal cliff legislation to be felt by high-income earners is the reintroduction of the Pease limitation, reduces the amount of itemized deductions that certain taxpayers are allowed.

FORBES: Pease Limitation Puts A Lid On Itemized Deductions For Wealthy Folks

Income over the applicable amount will trigger an itemized deduction limitation that is the lesser of (a) 3% of the adjusted gross income above the applicable amount, or (b) 80% of the amount of the itemized deductions otherwise allowable for the taxable year.

FORBES: Pease Limitation Puts A Lid On Itemized Deductions For Wealthy Folks

That spending limitation would still maintain the same amount of spending per person in real terms over time.

FORBES: Bobby Jindal Seeks Rich State Status With Income Tax Phaseout