Itemized deductions are cut by a fixed fraction of the lesser of two figures
What the document says“In the case of an individual, the amount of the itemized deductions otherwise allowable for the taxable year (determined without regard to this section) shall be reduced by”
The section rewrites section 68 of the Internal Revenue Code of 1986. An individual's itemized deductions, worked out without regard to the section, are reduced by two thirty-sevenths of the lesser of that amount of itemized deductions and so much of the taxpayer's taxable income, worked out without regard to the section and increased by that amount of deductions, as exceeds the dollar amount at which the 37 percent rate bracket under section 1 begins for that taxpayer.
What the document actually says“In the case of an individual, the amount of the itemized deductions otherwise allowable for the taxable year (determined without regard to this section) shall be reduced by”
A person's write-offs are cut. The sum starts from what would be allowed without this rule.
The cut is two thirty-sevenths of the smaller of two figures. One is the deductions themselves. The other is income above where the top rate starts.
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