Revenue from deduction cuts is a SCAM, unacceptable, must be off the table
The Republican offers to raise revenue by cutting deductions rather than raising rates cannot be taken seriously.
It is a scam to shift the cost of revenue increases from billionaires to the more numerous $250K-$750K crowd.
Consider the home mortgage interest deduction. What percentage of tax burden does that represent for someone making $500K? Probably a fair amount. What percentage of a billionaire's tax burden? Almost nothing. Housing, even the fanciest housing, is a trivial percentage of a billionaire's expenses.
But 4% is 4%... 4% of a million or 4% of a billion.
And that is why they fight it. It is all about the billionaires.
http://talkingpointsmemo.com/archives/2012/11/saving_private_billionaire.php?ref=fpblg
http://fivethirtyeight.blogs.nytimes.com/2012/11/26/congressional-proposal-could-create-bubble-in-tax-code/
http://krugman.blogs.nytimes.com/2012/11/27/the-stiffs-and-the-players/