Pressed during Wednesday’s presidential debate to explain how he would pay for the huge income tax cut he has proposed, Mitt Romney said he would consider a cap on the amount of charitable donations, home mortgage interest, state and local tax payments, and other expenses taxpayers can claim on their returns. But critics say such a cap could be problematic in two significant ways: It would increase the tax burden on many middle-class taxpayers and it would not make up for the roughly $5 trillion in federal revenue over 10 years that would be lost in Romney’s plan.
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