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Mr. Romney embraced the concept, but proposed a fixed dollar cap as low as $17,000 rather than a percentage.
But many tax experts said that a fixed dollar cap is anything but the evenhanded approach to closing loopholes it appears to be.
Despite its bipartisan support and seemingly neutral approach, it didn't take long for the nonprofit sector to figure out that a fixed dollar cap on itemized deductions is a stake aimed at the heart of the charitable deduction.
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Unlike proposals to cap deductions at a fixed dollar amount (or a particular percentage of income), the provision retains a strong incentive for high-income households to engage in charitable giving and other useful activities.
Oregon investment adviser William Bernstein suggests taking out a fixed percentage, as opposed to a fixed dollar amount, which reduces your dollar depletion when market prices are low.
But the hard dollar cap would make the wealthy pay nearly the stated tax rate, since for the wealthy a fixed dollar limit would be less significant with increased income.
Some health plans require consumers to pay a percentage of the bill, rather than a fixed dollar amount.
Charitable gift annuities have you getting a fixed dollar amount every year.
Having a "fixed dollar" rate is becoming commonplace for hotels in places like Italy, the U.K. and France.
You can either use a fixed dollar amount or a relative one based on percentage.
The best way to place a tax on gasoline is to impose a fixed-dollar amount — $1 to $2 on each gallon of gasoline.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com