Explain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous itemized deductions and the overall limitation on certain itemized deductions. Why do these limitations exist? Why would the Code disallow so much that

Explain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous itemized deductions and the overall limitation on certain itemized deductions. Why do these limitations exist? Why would the Code disallow so much that

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 41P

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Question

Explain the limitations imposed on itemized
deductions, especially the 2% floor for
miscellaneous itemized deductions and the
overall limitation on certain itemized
deductions. Why do these limitations exist?
Why would the Code disallow so much that
many taxpayers are unable to deduct any
amounts, such as on medical and
miscellaneous? Do you think this these
provisions are biased against those in
certain tax brackets?

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