Deduction cap would favor wealthy taxpayers, chart shows

10/18/2012 | Washington Post, The

Republican candidate Mitt Romney's proposal for a cap on itemized tax deductions wouldn't fully fund the candidate's tax cuts and would unduly favor the wealthy, writes Ezra Klein. A chart shows that low- and middle-income Americans would receive tax cuts of between 0.13 and 1.07%, while the top 5% of earners would receive a 2.6% tax break. "So, in proposing the deductions cap, Romney breaks two of his campaign promises: revenue neutrality and no tax cut for the rich," Klein writes.

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