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Many people have proposed raising revenue by cutting back on deductions and loopholes — so-called tax expenditures.
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Governor Romney has a modest tax plan that would cut individual tax rates 20% in return for cutting back on certain deductions.
Now Republican negotiators are looking at cutting back on many of the deductions families and businesses use to limit their taxes to offset the lower rates, but Republicans and the White House are under pressure to back away from some of the demands.
Three out of four people paying rent deductions for "over-occupation" reported cutting back on food; almost half had cut back on heating their home; a mere one in nine had successfully found somewhere smaller to move to, escaping the tax.
Against leverage in home buying, by repealing the mortgage interest deduction and cutting back on the many government subsidies in the mortgage market (via Freddie Mac, Fannie Mae, and so on).
"Every state's cutting back on infrastructure.
That requires cutting back on daily calories.
Donor countries are cutting back on funding.
Americans were cutting back on sugary drinks.
They're cutting back on education.
We've delayed raises, we're cutting back on travel and entertainment, cutting back on consulting.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com