Considering the tax code is 70,000 pages, charitable and mortgage interest deductions should be one of the last places they look, especially since they are some of the few loopholes in the tax code available to the middle class.
I really have no problem if the deductions are removed as long as tax rates adjust accordingly. But, start by going through the code and going after the K street loopholes that benefit the few or the large corporations.
"Congress could cut budget deficits by trimming any number of "tax expenditures" - foregone revenue on tax deductions for items such as home mortgages and 401(k) contributions.
The Simpson-Bowles deficit commission report recommended capping the pre-tax amount that employees and employers can contribute to 401(k)s at the lower of two options: $20,000, or 20 percent of income."
The Simpson-Bowles recommendation would punish middle class savers the most. The max today is 22,500, so high earners would be limited to a 20K 401K contribution and "lose" only 2,500 from the current 401K limit. Someone earning 50K, however, would be limited to a total 401K contribution of 10K annually (20% of income), a huge drop in the max 401K allowed today.
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