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SOURCE: National Commission on Fiscal Responsibility and Reform, December 2010.
a/ Dedicates $80 billion to deficit reduction in 2015, growing to $180 in 2020, and taxes capital gains as ordinary income.
b/ The Commission's illustrative plan permanently repeals the alternative minimum tax, eliminates itemized deductions, provides a nonrefundable tax credit of 12% to all taxpayers and caps the interest deduction to mortgages no larger than $500,000 for primary, owneroccupied residences, caps exclusion of for employer‐sponsored health insurance at 75th percentile of premiums, frozen in nominal dollar terms through 2018, and limits deductions for charitable contributions and interest from state and local bonds.
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