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Increasingly in recent years, taxpayers with more modest incomes and smaller deductions have found they owed additional taxes under the provision.
Similarly, the president's speech called for a $10,000 tax deduction for college tuition for families making up to $100,000 annually, and smaller deductions for families making up to $120,000 a year.
Second, cutting tax rates reduces the revenue gains from base broadening [because lower rates mean smaller deductions; thus, ending those deductions raises less rev].
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On the new mortgage, Old Al could only deduct interest on the first $100,000, a significantly smaller deduction than he previously had.
In order for that claim to be true in 2011, Mr. Romney had to voluntarily take a smaller deduction than he was entitled to for his charitable deductions, his advisers said Friday.
The new simplified home-office deduction that the Obama administration unveiled earlier this month comes with a trade-off: While more of the very smallest businesses will probably opt to deduct home-office expenses for the first time, using a new streamlined form, many will get a much smaller deduction than they would if they filled out the standard form.
That SALT deduction limit has sparked anger among blue-state politicians, both because they're miffed that Republicans explicitly targeted their states and because they fear that a smaller deduction could undermine crucial political support among their own residents for the state taxes that finance more generous social spending.
Turning to Byrnes, Mills said, "You know, John, I like that idea of yours" — the idea being Byrnes's plan for a voluntary program that the participants would help to pay for by agreeing to have small deductions taken from their monthly Social Security checks.
We would like to emphasise that as the numbers from this pilot study are small, deductions from the results must be made with extreme caution.
Yet they still get a small deduction because there are on-site medical services, such as staff trained to deal with a fall.
Sometimes you're able to claim a small deduction if you own a small business or work out of your home, but it's complicated.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com