Study: Romney's Deduction Cap Would Generate $1.3 Trillion
His plan would cap itemized deductions at $25,000.
Republican presidential nominee Mitt Romney's suggestion for capping itemized deductions at $25,000 would generate about $1.3 trillion in additional revenue over 10 years, according to a new analysis by the Tax Policy Center.
Mr. Romney has been heavily pushing the idea in the final weeks of the campaign, a strategy that helps blunt Democratic charges that his plan to cut individual tax rates by 20% would benefit the wealthy. Deductions are taken primarily by higher earners, with the biggest deductions going to the people in the top tax brackets.