Their plan would scrap most deductions or offer 12.5% non-refundable tax credits for big items like mortgage interest and charitable deductions while lowering rates, expanding brackets and expanding the base of tax revenue.
It would convert the current deductions for mortgage interest and charitable gifts into 12 percent non-refundable tax credits (with limits) and permit workers to continue to make tax-advantaged contributions to retirement plans, though under tighter caps than exist today.