“It will have the recommendations of the commission that all the deductions be eliminated,” said Chambliss. “And then somebody’s going to come in and want to add back the mortgage interest deduction, somebody’s going to want to add charitable deductions. So we’ll have to pick and choose as to which ones are added back, if any.”
“The initial legislation will be the debt commission report but we know that at the end of the day it’s going to change,” he added.
The fiscal commission’s final plan recommended a fundamental overhaul of the tax code that would help reduce the deficit. The report included rates for a system that had no tax expenditures and others for systems that kept a certain amount of credits or deductions. Broadly speaking, tax reform, for now at least, appears to be an issue where both Republicans and Democrats believe progress can be made.
Warner and Chambliss have said that one of the selling points of their legislation is that it would not make anyone completely satisfied, but would allow for a sense of shared sacrifice.
In his interview with the Daily Caller, Chambliss said that he expects some on his side of the aisle to take issue with the measure’s approach to tax collection and some Democrats to take exception to how the plan deals with entitlement spending.