President Trump’s proposal to cap itemized deductions would cause a drop in charitable giving. For those giving above the cap, the net cost would jump from $0.60 per $1 of giving to an unsubsidized $1 per $1 of giving. Because a 1% increase in the price yields a 1% drop in giving, $17.6 billion in annual giving could evaporate.
From the Coalition to Protect Patient Choice:
“The last panelist was Alex Brill… [who] spoke about FDA reform and specifically about patent issues relating to biologic drugs and their generic counterparts known as biosimilars. He stated that biosimilar entry has not been as robust as was envisioned by the Affordable Care Act, due to archaic regulatory schemes, anticompetitive conduct, and cost-benefit analysis.”
From AEI:
“Alex Brill expressed optimism regarding the incoming Congress’ ability to enact pro-growth tax reform and endorsed the Ryan-Brady tax plan. However, he acknowledged that achieving bipartisan cooperation on this front will be challenging.”
“Whoever Trump settles on for his Cabinet pick will be tasked with enormous responsibilities and likely face fierce opposition during the Senate confirmation process by progressive senators like Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., particularly if the nominee comes from a Wall Street background, according to Alex Brill of the American Enterprise Institute.”
The Ryan-Brady tax plan lowersstatutory tax rates, maintains a progressive income tax, and dramatically reduces the marginal tax rate on new investment. The plan will simplify compliance with the tax code by increasing the number of filers choosing not to itemize deductions. The plan’s individual income tax reforms approach revenue neutrality at the end of the budget window.
