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Dec 12 2012

Republican fiscal cliff proposal to cap deductions protects the rich by harming middle-class Americans

On Friday, our sister organization, Innovation Ohio Education Fund, released a report that, among other things, compared and contrasted the fiscal cliff proposals of President Obama and Congressional Republicans. A portion of the report focused on the Republican proposal to cap deductions and close loopholes to generate $800 billion in new revenue over the next two years. The report concluded that the plan would not raise the estimated $800 billion and could lead to the elimination of other deductions that millions of Ohio families rely upon. The report focused on Speaker Boehner’s proposal which included $800 billion in new revenue. While the proposal from Speaker Boehner was strikingly absent of details, some key Republicans have publicly stated capping deductions at $25,000 a year for those making over $250,000 a year would help raise $800 billion over ten years. While on paper this may work, in reality it is much less likely to do so. [Read more…]

Written by bpeyton · Categorized: Innovation Station · Tagged: Barack Obama, Bush Tax Cuts, Deductions, Fiscal Cliff, John Boehner, Taxes

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