Correct. It removes all itemized deductions except mortgage interest and charitable contributions.
Is everyone reading the same article?
Deductions for mortgage interest and charitable giving would remain, but the plan seeks to end most other itemized deductions that can reduce how much affluent families pay.
The plan retains existing tax benefits for college and retirement savings such as 401(k) contribution plans.
The plan would seek to help families by calling for an increased child tax credit and opening it to families with higher incomes. The credit currently is $1,000 per child. Also proposed is a new tax credit of $500 to help pay for the care of the elderly and the sick who are claimed as dependents by the taxpayer.
The estate tax -- which is paid by those with multimillion-inheritances -- would be eliminated, a boon for wealthy individuals who inherit businesses, investments and real estate.
New benefits would be given to firms in which the profits double as the owners' personal income. They would pay at a 25 percent rate, down from 39.6 percent. This creates a possible loophole for rich investors, lawyers, doctors and others, but administration officials say they will design measures to prevent any abuses.