Posts Tagged ‘itemized deductions’

Dave Camp’s pitch to overhaul U.S. taxes: An impossible dream?

Unlike many previous Republican proposals to cut taxes, the Michigan congressman specifies how government would pay for them. This is critical, but it’s not pretty. On Wednesday, U.S. Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, unveiled an ambitious plan to overhaul America’s complicated tax code. This is both a technical […]

Understanding TPC’s Analysis of Limiting Deductions

The Tax Policy Center’s new tables showing the revenue and distributional effects of capping itemized deductions have received a great deal of attention since we released them on Tuesday. Our results show that capping deductions can raise a large amount of revenue in a quite progressive manner. Capping deductions could thus be an important component […]

The Real Lesson About Capping Itemized Deductions

The Tax Policy Center is back in the political cauldron, this time in the wake of its new research that looks at the revenue and distributional effects of caps on itemized deductions. TPC’s aim was to analyze an interesting idea that could find its way into future tax reform plans. Its conclusion was a mix of good […]

How Much Revenue Would a Cap on Itemized Deductions Raise?

In last night’s debate, Mitt Romney repeated the idea that he could pay for much or all of the 20 percent rate reduction and other tax cuts in his tax plan by capping itemized deductions at $25,000. He had previously suggested a $17,000 cap in an interview and, in the first debate, $25,000 or $50,000 […]