Their plan would scrap most deductions or offer 12.5% non-refundable tax credits for big items like mortgage interest and charitable deductions while lowering rates, expanding brackets and expanding the base of tax revenue.

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Replace the mortgage interest deduction with a 12% non-refundable tax credit.

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It would convert the current deductions for mortgage interest and charitable gifts into 12 percent non-refundable tax credits (with limits) and permit workers to continue to make tax-advantaged contributions to retirement plans, though under tighter caps than exist today.

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