Having read a bit on it
Reader comment on: Camp's Plan
Submitted by lyle (United States), Feb 26, 2014 23:58
It essentially ends itemized deductions for 95% of folks. by eliminating deductions for state/local taxes, mortgages over 500k casulatly losses medical expenses and charity under 2% of income. It raises the standard deduction to 11k/22k but does away with personal exemptions, further it taxes the employer part of health care premiums and ends the ability to pay the employee part pre tax. That is the big simiplification on the individual side, essentially doing away with schedule A. Of course this does gore an aweful lot of oxen in the process, starting with health care costs and the real estate industry.
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