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The GOP plan would place sharp limits on popular tax breaks like the mortgage interest deduction in exchange for significantly lower income tax rates.
The GOP proposal would cut the top rate so sharply — from 35 percent to 28 percent — that wealthier earners would get large tax cuts while middle class workers would have to lose out on deductions for mortgage interest and state and local taxes.
The plan also would cut spending by about $700 billion, mixing a less generous cost-of-living adjustment for Social Security beneficiaries with further cuts to Medicare and the Medicaid health care program for the poor and disabled.
http://www.google.com/hostednews/ap...9uJiJw?docId=349fa526cb7441c38d48ceb63b425df8
The GOP proposal would cut the top rate so sharply — from 35 percent to 28 percent — that wealthier earners would get large tax cuts while middle class workers would have to lose out on deductions for mortgage interest and state and local taxes.
The plan also would cut spending by about $700 billion, mixing a less generous cost-of-living adjustment for Social Security beneficiaries with further cuts to Medicare and the Medicaid health care program for the poor and disabled.
http://www.google.com/hostednews/ap...9uJiJw?docId=349fa526cb7441c38d48ceb63b425df8