Capping Deductions for the Rich: Even Mitt Romney Thinks It’s a Good Idea

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rmoneyscreenHB 2456¬†would phase out these deductions for households that bring in more than $250,000 per year. That’s the richest 2% of households in the state.

The plan raises $169 million, plus another $38 million by eliminating the personal exemption credit for the same income level.

Many Republican legislators and their allies in the corporate lobby are adamantly opposed to closing tax breaks for the rich. But this basic idea is so popular, and has such wide public support, that even Mitt Romney latched onto the idea last year. In fact, it was a cornerstone of his tax reform proposal.

See for yourself:

Of course, even under the proposal in HB 2456, the wealthiest households still pay a lower effective tax rate than low- and middle-income households. See the chart! But at least it’s a step in the right direction.

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