The wealthiest taxpayers can now deduct 35 percent of the interest.
In addition, he wrote, the Senate plan would benefit only a small group of wealthy taxpayers.
The law also cut the income tax rate of the wealthiest taxpayers almost in half, to 28 percent.
A large share of the tax benefits from the Senate bill would go to the wealthiest taxpayers.
Two senior Democrats said the spending bill required holding back the president's tax cuts for wealthy taxpayers.
What the Democratic proposals all leave out, of course, are tax cuts for wealthier taxpayers.
He said a 10 percent surcharge on wealthy taxpayers seemed reasonable.
The Democratic plan would also raise the tax rate of the 600,000 wealthiest taxpayers.
In other words, next year's cut will go almost exclusively to the wealthiest taxpayers.
He revealed, among other things, that poor people were more likely to be audited than wealthy taxpayers.