An Illinois congressman is talking about income tax reform. U.S. Rep. Aaron Schock (R-Peoria) says everyone wants compliance with the income tax code to be simpler. He says a lower maximum rate and less complex filing has broad appeal, until the details come out.
“Then when you tell them it could be the end of the charitable deduction, it could be the end of the mortgage deduction, it could be the end of the per-child tax credit, it could be the end of benefits for savings and retirement, their benefits for tax deferral on health insurance provided by their employer and on and on and on – I’m not saying any of that is in the bill, I’m just saying all of that is on the table when you’re talking about reform and collapsing down to that lower rate,” he said.
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Schock says tax reform was close in Congress, but it’s on hold while IRS scrutiny of tax-exempt applications from conservative political groups is sorted out.