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Romney $17,000 Deduction Limit Part of Three-Cap Concept

Mitt Romney’s idea for capping individuals’ tax deductions at $17,000 would impose a burden that would fall hardest on the wealthiest taxpayers, who make the most use of the breaks.

The Republican presidential nominee suggested capping deductions this week as an option to help pay for his proposed 20 percent cut in income tax rates and elimination of the alternative minimum tax. The cap would be one piece of a three-part concept for broadening the tax base that would also limit personal exemptions and the tax break for employer-sponsored health insurance, said a campaign aide, who spoke on condition of anonymity to discuss the policy options in more detail.