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[quote=Anonymous]I have a different take on the $25 K cap, namely that people of modest income should be thrilled, since it is unlikely to affect us. So we would get the 20% cut in our rates with no cut in our deductions. Meanwhile, someone like Romney would lose a major part of his deductions, although I don't have data to know whether it would cancel out the benefit of the rate cut for most high income people, as he claims. But the real question is whether it would balance out the rate cut overall, to make the total effect of the changes revenue neutral. Based on what I have read, these numbers are too optimistic, and either the 20% figure or the $25 K figure (or some combination) would have to be lowered to get revenue neutrality, i.e. less of a rate cut and/or more of a cut in deductions.[/quote]
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