How will the just announced White House $3.8 trillion budget for fiscal 2011 impact the luxury real estate market?  In it is a proposal to raise capital gains taxes back to 20%. (The Bush tax cuts had reduced this to the current 15%.) …..Better get those capital gains posted in 2010! The top tax bracket would rise to 39.6 percent next year, up from 35 percent now. Mr. Obama proposed limiting the value of benefits, which include deductions for mortgage interest and some charitable deductions, to 28% of the deduction. The solution for the wealthy? EARN LOTS MORE! If the GDP is forecast to grow by about 4% a year, the growth may offset the additional taxes. Wishful thinking? Surely doing anything to dampen the real estate market now is not the smartest timing? Then again, it could fuel tremendous activity in 2010…