April 19, 2014

Romney Floats a Cap on Tax Breaks...Is It for Real?

October 3, 2012
The Fiscal Times

Excerpt

Obama has also proposed limiting deductions for wealthier taxpayers for the past four years—so Romney is really only differentiating himself in policy details rather than principles. The president would limit the tax benefit of itemized deductions to the 28 percent marginal tax rate.

“It’s a great idea because it would reduce a large tax subsidy (i.e., ‘tax expenditure’) for those who need it least, improve the economic efficiency of the tax code and raise revenues that could be used as part of a deficit-reduction package,” Diane Lim Rogers, the chief economist of the nonpartisan group Concord Coalition, blogged of the Obama plan last February. “Last year the Congressional Budget Office estimated the president's proposal would raise $293 billion over 10 years.”