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Next, we must restore the ability to claim miscellaneous itemized deductions.  The loss of these deductions was widely felt, burdening many, from employees with unreimbursed expenses to taxpayers who need help completing their tax returns.  It also forced many into the standard deduction, eliminating their ability to itemize deductions (and their incentive to incur previously deductible expenses).  A similar argument can be made for eliminating the cap on deducting state and local taxes, as proposed by the HEROES Act.

Finally, there’s a need to reverse a position taken by the IRS that businesses qualifying for loan forgiveness under the Paycheck Protection Program cannot deduct the expenses funded by these loans. (The HEROES Act does attempt to reverse the IRS.) This might seem like a double benefit, but by disallowing these deductions, the IRS is imposing an unnecessary burden on the small businesses that have been hit the hardest.

How big and how long?

The magnitude, scope, and term of these policies can only be established by the elected officials who are responsible for the consequences of adding to our debt and deficit.  But enacting targeted tax provisions that are stimulative and not just remedial will put us all in a better position to address those consequences, hopefully when the economy is strong once again.

Michael Nathanson is chairman & CEO of .