Bush Expected To Delay Major Tax Overhaul (washingtonpost.com)

Bush Expected To Delay Major Tax Overhaul (washingtonpost.com):
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"To cover the cost of the tax changes, the plan would tax the value of an employee's health insurance benefit as if it were income. 'Most Social Security benefits' would also be taxed as income, the report says. Finally, the plan eliminates the itemized deduction for state and local tax payments.
Tax lobbyists have seized on the plan because it fits Bush's stated desire to simplify the tax code while maintaining the progressive income tax structure as well as deductions for mortgage interest payments and charitable giving"