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"Limiting deductions to raise revenue?
For one, limiting deductions would avoid the thorny negotiations on which tax expenditures to eliminate.
Another productive area for raising revenue would be limiting deductions available to the wealthy.
Yet he also criticized the president's major savings proposals limiting deductions by rich taxpayers and cutting farm subsidies.
Altogether, the Treasury Department thinks it could raise $749 billion over 10 years by limiting deductions for higher earners.
Other offsets under discussion include limiting deductions for out-of-pocket medical expenses and state and local taxes paid.
Similar(8)
And still on the table is Obama's proposal to limit deductions for wealthy taxpayers.
Publicly, Mr. Romney has hinted that he would limit deductions for wealthy homeowners, but has not said how.
Obama's proposal to limit deductions would raise $90 billion to $250 billion, depending on how widely it would be applied.
The two plans differ — for instance, on whether to limit deductions for real estate taxes and mortgage interest.
Mr. Romney said today that he would limit deductions for the rich but not for the middle classes in an attempt to avoid that outcome.
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