Romney’s deduction caps don’t pay for tax cuts: study

WASHINGTON (Reuters) – Mitt Romney's proposed cap on itemizing tax deductions could not on its own raise enough new government tax revenue to compensate for revenues lost by the Republican presidential candidate's plan to slash income tax rates, a think tank said on Wednesday. The Tax Policy Center, a nonpartisan group that has weighed in on other Romney proposals, said his deductions cap could raise up to $1.7 trillion over 10 years. The center said earlier this year Romney's 20-percent tax rate cut would cost $4.8 trillion. …