White House Deficit Reduction Panel Issues "Moment of Truth" Report

The Jewish Federation of Greater Washington has posted an article that addresses a report from Administration officials Erskine Bowles and Alan Simpson.  In the article, the Federation stated:

The Co-chairmen of President Obama's "National Commission on Fiscal Responsibility and Reform" ... released a report entitled, "Moment of Truth". Among the plan's numerous provisions is the elimination of all itemized deductions and implementation of a 12% non-refundable tax credit available to all taxpayers for charitable gifts, subject to 2% of Adjusted Gross Income (AGI) floor.

To read the full article and to review a complete copy of the report, please see "White House Deficit Reduction Panel Issues "Moment of Truth" Report" on the Federation's website.

Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal