Under the Republican offer, tax revenue would rise by $800 billion over 10 years, through closing loopholes and ending or curtailing deductions and tax credits. Mr. Boehner did not specify on Monday which tax breaks would be curtailed.Right. Never mind. Check this space again when Mr Boehner explains how he expects to get $800 billion in deduction limits over ten years without creating tax humps, and then makes it clear to the American people that what he wants is to slash the charitable giving and home-mortgage interest deductions. That will at least be an interesting political spectacle
Read the full story here.