Lowering that cap on such tax breaks to $25,000 a year would raise some $1.3 trillion over the same period.
Romney had the best and fairest suggestion: Adopt an annual limit of $17,000 per taxpayer, and tax revenue would increase by some $1.7 trillion by 2022. Which would make the country's tax structure more progressive and provide more revenue for the government at the same time.
Class warfare an obstacle
Note that all these revenue estimates come not from the Heritage Foundation or Cato Institute or some other conservative think tank but the anything-but-conservative bean counters at the Tax Policy Center, a reliably left-of-center source of economic analysis. At last, something left and right, liberal or conservative, could agree on.
Problem solved. Or would be if the more partisan pols in Washington could recognize a fair — and constructive — compromise when they saw it. And transform gridlock into opportunity.
The biggest obstacle to such an approach may be the president's attachment to class warfare. He seems fixated on raising tax rates for those Americans making more than $250,000 a year — even if they'd wind up actually paying more if tax breaks were limited rather than tax rates raised.
If only our president would lay aside his my-way-or-no-way pride at this critical juncture, Washington's wild Thelma-and-Louise drive over the Fiscal Cliff could come to a screeching halt just in time. But that may be too much to hope for. Ideology has a way of trumping common sense among true believers.
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