Thursday, October 18, 2012
STUDY: Romney’s proposal to cap itemized deductions still wouldn’t create a revenue-neutral budget
How Much Revenue Would a Cap on Itemized Deductions Raise?
Suggesting limits on deductions was Governor Romney’s first public statement about how he might offset the revenue lost by cutting tax rates. Without more specifics, we can’t say how much revenue such limits would actually raise. But these new estimates suggest that Romney will need to do much more than capping itemized deductions to pay for the roughly $5 trillion in rate cuts and other tax benefits he has proposed.
Simon Owens is an assistant managing editor at U.S. News & World Report. Follow him on Twitter, Facebook, or Google+. Email him at email@example.com