A US that giveth tax cuts may cut back deductions

Get ready for some hefty new tax increases. The Washington Post reports that just three months after a generous tax cut, US Senate Republicans are preparing legislation that would raise $60 billion in taxes.

Among the possible increases being talked about are:

* Repealing deductions for state and local sales and property taxes.

* Setting a $5,000 limit on home mortgage deductions.

* Repealing consumer interest deductions, except for auto loans.

* Reducing deductions for medical costs.

* Doubling excise taxes on gasoline, telephones, cigarettes, liquor, beer, and wine.

The Senate Budget Committee will take up the tax issue this week.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK