The Congressional Research Service has released "Reducing the Budget Deficit: Tax Policy Options". The report contains economic analysis of tax policy as well as details on a number of potential changes and their consequences.
Of particular interest to tax and estate planning professionals is the potential elimination of the current income tax charitable deduction for itemizers in favor of a 12% non-refundable credit and a 15% refundable credit.
Posted by Michael Nissenbaum, Associate Editor, Wealth Strategies Journal.
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