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Bipartisan tax plan targets breaks for mortgage interest, health insurance, charitable gifts
WASHINGTON (AP) ' A new bipartisan plan to reduce government borrowing would target some of the most cherished tax breaks enjoyed by millions of families ' those promoting health insurance, home ownership, charitable giving and retirement savings ' in exchange for lowering overall tax rates for everyone.
Many taxpayers would face a tax increase ' a total of at least $1.2 trillion over the next decade, and perhaps a lot more.
The plan by the bipartisan "Gang of Six" senators punts on many of the most difficult issues, leaving it to congressional committees to fill in the details later. Supporters say it provides a framework to simplify the tax code while detractors say it lacks details and could result in much bigger tax increases than advertised.