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October 11, 2012 by Mark DeVine

Romney’s Proposal to Cap Deductions

Republican presidential candidate Mitt Romney proposed to cap itemized deductions at $17,000.

The Romney campaign claims that the cap is not intended to apply to the income exclusion allowed for employer-provider health care benefits.

In an interview with Fox31 television news, Romney suggested deductions for health care, mortgage insurance and charitable contributions would be among the items that would be subjected to the $17,000 cap.

This cap is intended to help offset the cost of a broad 20 percent cut in current tax rates.  The plan would not apply to tax breaks for employer-provided health benefits because they are an exclusion from income, not a deduction.

Overall, Romney’s tax reform plan is designed to cut taxes on the middle class while also pursuing revenue and distributional neutrality in reforming the tax code.

The proposal of the $17,000 cap is only one example among a range of policy options that Romney will consider to achieve his goals.  Most of the attention on Romney is from his comments on his willingness to curtail the value of deductions for home mortgage interest and charitable contributions.

To discover how we can help you with tax preparation services, please give us a call at 401.254.0151. We look forward to hearing from you.

Filed Under: Taxes

About Mark DeVine

I have been in the tax and accounting profession since 1989. Before founding my own firm, I worked with the international accounting firm of KPMG, the Fleet Private Clients Group, and Bank of New England. I am also a member of the American Institute of Certified Public Accountants and the RI Society of CPAs.To discover how we can help you with taxes, payroll, bookkeeping and more, give me a call at 401.254.0151, or click the link to schedule your free 30 minute consultation today.

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DeVine & Associates, LLC
386 Market Street, Unit #3
Warren, RI 02885-1627
Tel: 401.254.0151
Fax: 401.289.2418

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Contact DeVine & Associates

Mark G. DeVine, CPA, CGMA
386 Market Street, Unit #3
Warren, RI 02885-1627
Tel: 401.254.0151
Fax: 401.254.0152

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