Bipartisan tax plan trims mortgage deduction

[cal04]

http://news.yahoo.com/bipartisan-tax-plan-trims-mortgage-deduction-191345875.html

A new bipartisan plan to reduce government borrowing would target some of the most cherished tax breaks enjoyed by millions of families — those promoting health insurance, home ownership, charitable giving and retirement savings — in exchange for lowering overall tax rates for everyone.

Many taxpayers would face higher taxes — a total of at least $1.2 trillion over the next decade, and perhaps more.

The plan, released this week by the bipartisan "Gang of Six" senators, punts on many of the most difficult issues, leaving it to congressional committees to fill in the details later. But supporters say it provides a framework to simplify the tax code, making it easier for businesses and individuals to comply while eliminating incentives to game the system.

"I think this is an attempt to find a middle ground on taxes that emphasizes keeping rates low and broadening the base as much as possible, and I think that's a very positive aspect of it," said Eugene Steuerle, a former Treasury official who worked on the last tax reform package that passed Congress, in 1986.

[Fearless]

1. "Bipartisan" = Republican and republican lite.

[Big Blue Marble]

2. Strange, isn't it that bipartisan never includes us? N/T

[Fearless]

3. We get yelled at for daring to suggest anything that isn't a "compromise".