Push to Simplify Taxes is on But Don't Touch Some Deductions
By Marcy Gordon, AP
President Donald Trump and congressional Republicans have pledged to overhaul the nation's complex tax code. To slash taxes, they say they'll curb a web of expensive deductions and credits to allow more revenue to flow to the government.
Problem is, they're likely to run into a wall of resistance from people and groups drawn together by a singular warning: Don't touch my deduction.
Major cherished tax breaks — from deductions for mortgage interest and charitable donations to incentives for 401(k) contributions — have deep-pocketed supporters and lobbyists who...read more.