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GOP debt plan targets popular tax breaks to raise revenue
Senate GOP plan by Pat Toomey proposes curbing itemized deductions for mortgage interest charitable donations and state and local taxes to raise about 290 billion over a decade while trimming top and bottom income tax rates and potentially taxing employer health benefits. About 50 million households itemized in 2009. 35 million claimed mortgage interest deductions. 36 million charitable deductions. 41 million claimed SALT deductions. The proposal conflicts with Democrats and splits Republicans as supercommittee deadlines loom and discussions continue.
MENTIONED IN THIS ARTICLE
Washington
Pat Toomey
R-Pa
Nonpartisan
Joint Committee On Taxation
GOP
Congress
House
Senate
House Republicans