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6 senators push bipartisan plan to cut deficit - The Denver Post
The tax reform outline would set up three income tax rates—a bottom rate of 8-12 percent; a middle rate of 14-22 percent; and a top rate of 23-29 percent—to replace the current system that has a bottom rate of 10 percent with five additional rates, topping out at 35 percent.
It would reduce but not eliminate tax breaks on mortgage interest, higher-cost health plans, charitable deductions, retirement savings like individual retirement accounts and tax-free savings accounts known as 401(k)s and tax credits for families with children.
The tax reform outline would set up three income tax rates—a bottom rate of 8-12 percent; a middle rate of 14-22 percent; and a top rate of 23-29 percent—to replace the current system that has a bottom rate of 10 percent with five additional rates, topping out at 35 percent.
It would reduce but not eliminate tax breaks on mortgage interest, higher-cost health plans, charitable deductions, retirement savings like individual retirement accounts and tax-free savings accounts known as 401(k)s and tax credits for families with children.