My understanding is that this is the same as Romney's plan which was:
Lower rates for all.
Close loopholes for the rich (thereby simplifying the code which is what conservatives have been calling for for years).
If it's the same as Romney's plan the middle class still get their deductions up to $20,000 or something like that.
Romney’s plan was to lower rates in exchange for eliminating deductions. Boner is saying he wants to eliminate deductions in order to keep rates from going up.
Keeping rates from increasing is not cutting rates.