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Ministers said this week that up to 5,000 foster carers would be exempt from the under-occupancy benefits deduction as part of a series of partial concessions.
In negotiations, the drug industry considered giving up the tax deduction as part of a deal to reduce the nation's pharmaceutical spending by $80 billion over 10 years.
In addition, the presidentially appointed Simpson-Bowles fiscal commission suggested scaling back the mortgage-interest deduction as part of its own set of tax-related proposals.
He said he fears that Mr. Obama would seek "full-bore" tax increases in a second term, but also that Mr. Romney might eliminate his mortgage interest deduction as part of an overhaul of the tax code.
BUSINESS DAY An article on Tuesday about a possible tightening of the mortgage interest deduction as part of a tax overhaul misstated the tax savings on a $20,000 interest deduction if the tax rate applied to deductions were capped at 28 percent.
Kilmarnock will discover this week if they face the nightmare scenario of a possible points deduction as part of the SPFL's "fakegate" probe.
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Top congressional Republicans also have expressed openness to limiting total tax deductions as part of an overall budget deal.
Oklahoma raised its cigarette tax and capped deductions as part of its bump in teachers' pay in March, the first time the legislatures pushed through any significant revenue increases in several years, according to Wiehe.
Though most people think about their tax deductions and credits – particularly those such as mortgage interest or charitable deductions – as part of the government's revenue system, they are considered "expenditures" within the federal government, as they subtract from government revenue and are often instituted to subsidize, reward or encourage taxpayer behaviors.
Often, the government will allow for more deductions as part of a stimulus package during a recession.
It would serve as a tax deduction as well.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com