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Deductions Limits Will Affect Many
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Under the McConnell-Biden fiscal cliff deal of Jan. 1, 2013, $620 billion is raised for deficit reduction over 10 years. This is made up of $395 billion from raising the top marginal income tax rate to 39.6% from 35% for the top 1% of filers who make $450,000 for couples or 400,000 for singles. Raising the top rate on capital gains and dividends to 20% from 15% raises $55 billion. Limiting the personal exemption and itemized deductions on incomes over $250,000 is a key component as it raises $150 billion. This reduction of tax expenditures was recommended by Simpson-Bowles deficit commission and Republican advisor Martin Feldstein, with more money raised under their proposals than the current proposal which follows the Pease format. Under the Pease limits named after a Congressman who proposed this in the 1990's, 3% of the amount above the threshhold income is deducted from the total deductions. Feldstein's proposal limited deductions to 2% of adjusted gross income. Romney offered a plan to limit deductions to $25,000. Finally, increasing the estate tax to 40% from 35% raises $20 billion.
The charitable deduction in U.S. deficit reduction negotiations
12/03/2012
The charitable deduction in U.S. fiscal cliff and deficit reduction negotiations.
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Fred Hiatt: Paying for charitable giving - The Washington Post
Washington Post 12/03/2012
Charities Press Congress to Save Tax Deductions
New York Times 12/05/2012
Tax Arithmetic Shows Top Rate Is Just a Starter
New York Times 12/08/2012
Deductions Limits Will Affect Many
Wall Street Journal 01/03/2013
The Feldstein-Romney plan to limt deductions and the Boehner Republican proposals in Dec. 2012
12/05/2012
Feldstein's s plan would limit deductions to 2%. House Speaker Boehner has adopted a similar proposal in "fiscal cliff" negotiations.
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Plan to Limit Tax Breaks Gets a Push From Boehner
Wall Street Journal 12/05/2012
Boehner Gains Strong Backing of House G.O.P.
New York Times 12/05/2012
Tax Arithmetic Shows Top Rate Is Just a Starter
New York Times 12/08/2012
Boehner's Test: Keep GOP Ranks Behind Him
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A Still Soured Obama-Boehner Relationship Complicates Fiscal Talks
New York Times 12/15/2012
Deductions Limits Will Affect Many
Wall Street Journal 01/03/2013
The deal reached Jan 1, 2013 on U.S. fiscal cliff tackles Bush tax cuts, but postpones the cliff for 2 months.
12/31/2012
The struggle over the debt ceiling and $110 billion in spending cuts of the cliff will now take place in March 2013.
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After a ‘fiscal cliff’ deal, what next? - The Washington Post
Washington Post 01/01/2013
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The revival of Simpson-Bowles recommendations on deficit reduction in Nov.-Dec. 2012
09/26/2011
Both Republicans and Democrats now look to Simpson-Bowles as the basis of building an agreement that generates revenue by reducing loopholes, deductions and tax expenditures. Christina Romer, former chairwoman of Obama's Council of Economic Advisors's puts forward a strategy based on Simpson-Bowles in an op-ed in the NYT, Nov. 11, 2012. The "fiscal cliff" of automatic tax increases and spending cuts goes into effect on Jan. 1, in the absence of an agreement. The Romney plan and the proposal by Martin Feldstein on limiting tax deductions and loopholes for high income earners are a way to distribute the tax burden equitably.
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Budget Showdown Offers an Opportunity for Progress
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The Cliff Is a Hard Place to Compromise
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Democrats Like a Romney Idea to Cap Tax Deductions
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Deluding Ourselves Over the Fiscal Cliff
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Grover Norquist: Washington Enemy No. 1
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The mortgage interest deduction in the U.S. deficit reduction negotiations
11/29/2012
The mortgage interest deduction is no longer off the table in the fiscal cliff and deficit reduction negotiations. This deduction is worth $100 billion in tax expenditures.
Grouped Articles
Mortgage-interest deduction could be on the table in ‘fiscal cliff’ debate - The Washington Post
Washington Post 11/29/2012
New York Times 11/29/2012
Most Americans Face Lower Tax Burden Than in the 80s
New York Times 11/29/2012
A Simpler Tax Code, for Stronger Growth in the Long Run
New York Times 11/30/2012
Tax Arithmetic Shows Top Rate Is Just a Starter
New York Times 12/08/2012
Deductions Limits Will Affect Many
Wall Street Journal 01/03/2013
The phone call leading to the McConnell-Biden U.S. fiscal cliff deal of Jan. 1, 2013
10/25/2010
A phone call from Senator Biden begins the negotiations stalled first between Boehner and Obama, and then stalled between McConnell and Reid. Reid advised Obama to hold out for a better deal. Biden went on the Senate floor to ask if there was someone on the other side willing to dance. At that point Biden consulted Obama and the two decided it was worth a shot. Cantor and 151 Republicans opposed the deal with no spending cuts and McConnell trading higher estate taxes for extending unemployment benefits and postponing cuts. Boehner supported it and the deal passed the House.
Grouped Articles
Wall Street Journal 07/13/2011
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Boehner Urges G.O.P. Unity in âEpic Battleâ
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Congress Passes Debt, Budget Deal
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Robert J. Samuelson - The dysfunction of American politics
Washington Post 10/25/2010
How Deal Was Made, Unmade, Then Saved
Wall Street Journal 01/03/2013
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