A US that giveth tax cuts may cut back deductions
Washington — 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.