By Robert Greenstein
A coalition consisting of several trade associations for foundations and some nonprofit organizations along with a number of large charities has raised objections to a proposal that would help finance improved health coverage for low- and moderate-income people by maintaining the value of itemized deductions for wealthy Americans at its current level.
Under current law, the value of those deductions is scheduled to rise after 2010 when the 2001 tax-rate reductions are slated to expire. Objecting to a proposal to maintain the current value of those deductions for wealthy Americans, rather than let them rise, the coalition explained its position in a September 21 letter to Senate Finance Committee Chairman Max Baucus.[1] Unfortunately, that letter rests to a significant degree on a mischaracterization of the proposal, a faulty analysis of its effects, and a selective (and misleading) use of the two studies the letter cites.
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