Oxman said dollar-strength might have some capping effect on gold, the fact that gold is keeping its safe-haven currency status limits much downside.

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To see the effect of capping or eliminating itemized deductions, for example, you can start with one of the example taxpayers and reduce or zero out the input values for some or all of their deductions.

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R. 8 raised all of the taxes that negatively impact economic growth (the top rates on ordinary income, dividends, capital gains, and inheritances), while capping those that have little or no effect on the rate of GDP expansion.

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While it's unclear how badly this new legislation will effect Britain, one thing is beyond dispute: capping bankers' bonuses certainly isn't going to have the world's brightest financial minds rushing into London.

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He will be tested when a raft of spending cuts take effect - such as withdrawing child benefit from high earners and capping the total amount people can claim in benefits.

BBC: Westminster

Such fees, which have been discussed by a number of institutions, could become more mainstream as new regulations capping the amount banks can charge merchants when customers swipe debit cards take effect.

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Instead, they said Mr Timms was simply repeating an existing statement that if Labour were in office now, they would not be capping welfare at 1% and instead would let the existing system remain, in effect allowing benefits to rise in line with inflation.

BBC: Benefits should rise by inflation, says Labour