What is the total annual amount of federal tax deductions claimed by individuals in the US?
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If I understand the Romney tax plan correctly, he suggests that his alleged $5b in tax cuts will be offset by caps on individual deductions. If you eliminated all personal deductions (mortgage interest, charitable giving, tuition, etc.) how much would the government save? What if one capped deductions at the $20k figure Romney has thrown out during debates? Is this data available to the public?
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Answer:
It's about $1.1 trillion on an annual basis. To understand how that relates into Romney's plan, see
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