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NL888 Posted 14 years ago
Grammar
Does "capping deductions" mean " limiting tax breaks"?
Context:
It did not take long for the White House to dismiss the Republican deficit-cutting proposal, which raised revenues by capping deductions. Now both sides have laid down their markers.
White House rejects GOP plan: Tax rates for top 2 percent must go up
7:25 pm ET -It did not take long for the White House to dismiss the Republican deficit-cutting proposal, which raised revenues by capping deductions. Now both sides have laid down their markers.
Top answer
Setting a maximum amount that you can claim as a dedcuction. For example, you can deduct the interest you pay on your house. Currently, if you pay $100,000 in interest on your mega-mansion every year, you can claim all of it.
- Setting a maximum amount that you can claim as a dedcuction.
- For example, you can deduct the interest you pay on your house.
- Currently, if you pay $100,000 in interest on your mega-mansion every year, you can claim all of it.
- If you "cap" the deduction, you might not be able to claim more than, say, $20,000.
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3 Answers
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Setting a maximum amount that you can claim as a dedcuction.
For example, you can deduct the interest you pay on your house. Currently, if you pay $100,000 in interest on your mega-mansion every year, you can claim all of it. If you "cap" the deduction, you might not be able to claim more than, say, $20,000.
For example, you can deduct the interest you pay on your house. Currently, if you pay $100,000 in interest on your mega-mansion every year, you can claim all of it. If you "cap" the deduction, you might not be able to claim more than, say, $20,000.
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Thank you.
But I haven't got you well. You didn't point out the amount of your capping, how could you say only $20,000 you could claim?
But I haven't got you well. You didn't point out the amount of your capping, how could you say only $20,000 you could claim?
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The amount you can claim as a deduction is "capped" at whatever amount that set the limit at.
You have salary caps in sports - you can't spend more than $x on player salaries.
There are proposals for "cap-and-trade" for emissions - you can't emit more than a total of X tons of CO2 equivalents gasses.
Currently, the amount that I can claim for child care is also capped - no one can
You have salary caps in sports - you can't spend more than $x on player salaries.
There are proposals for "cap-and-trade" for emissions - you can't emit more than a total of X tons of CO2 equivalents gasses.
Currently, the amount that I can claim for child care is also capped - no one can
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