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The president's commission on tax reform outlined two proposals.(The Week)(Brief article)
The president's commission on tax reform outlined two proposals. The less ambitious one would replace the five tax rates we currently pay with three, and drop the top rate from 35 percent to 33. It simplifies the tax code--eliminating the Alternative Minimum Tax, for example--and reduces tax penalties on investment. The more ambitious proposal goes further in cutting taxes on investment and simplifying the code, and brings the top income-tax rate down to 30. Both plans gradually limit the deduction for mortgage interest in a way that affects at most 5 percent of houses in any year. They limit deductions for high-end health plans, too. And ...
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