About 58 percent said they'd choose to impose a higher tax rate to allow for such deductions as mortgage interest, state and local tax payments, and charitable contributions. (realtormag.realtor.org)
This rule would limit the tax value of such deductions at a 28 % rate. (eyeonhousing.org)
If such deductions exceed taxable income then the expense can be treated as net operating loss to be carried forward to reduce taxes in future periods. (investopedia.com)