5 Tax Deductions Republicans Might Take Away -- How Could You Be Affected?
The long-anticipated GOP tax framework was recently released, giving a few new details on a potential forthcoming tax reform bill. While several tax breaks would remain in place under the plan, the framework clearly states that many deductions are at risk of being eliminated. Here's what we know so far, and five particularly valuable deductions that might be eliminated.
The recently released GOP tax framework makes it clear that the mortgage interest deduction, as well as the charitable contributions deduction aren't going anywhere. It also says that it "retains tax benefits that encourage work, higher education, and retirement security," although it does say that these benefits will be simplified. For our purposes, we'll assume that all deductions in these categories will remain.
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Source: Fool.com