Talk:Two-percent haircut

The reference to taxalmanac.org is broken. I'm not sure how to fix it, so I'm leaving the new link here: http://www.taxalmanac.org/index.php/Internal_Revenue_Code_Sec._67.html — Preceding unsigned comment added by 24.17.111.196 (talk) 18:44, 7 February 2021 (UTC)

This paragraph is incorrect:

''The policy reason for the two-percent haircut is quite evasive. We may be able to gauge Congress' intent with the two-percent haircut by looking at the possible reasons for including certain items. The most significant expense that is categorized as a miscellaneous itemized deduction is the unreimbursed business expenses of an employee.[3] It is a possibility that Congress imposed the two-percent haircut on these expenses in order to weed out portions that may have been personal in nature, as major employee expenses are generally reimbursed by the employer anyway. However, this policy rationale doesn't make much sense when one considers Congress' unlimited allowance of many personal expense deductions (some above-the line).[4] The two-percent haircut is a thing of mystery.''

It is not a "thing of mystery'. The conference report for the 1986 tax reform explains the reasoning comprehensively, and can be downloaded for free at the finance committee web site.

TaxAcc0untant (talk) 22:53, 18 February 2012 (UTC)