No matter who wins election, tax deductions might be in jeopardy

http://nbcpolitics.nbcnews.com/_news/2012/10/05/14247514-no-matter-who-wins-election-tax-deductions-might-be-in-jeopardy?lite

Millions of Americans use deductions to lighten their tax burden. But one lesson of Wednesday night’s debate between President Barack Obama and Republican presidential nominee Mitt Romney is that those deductions might be in jeopardy – no matter who wins the election.

They disagree on income tax rates, but one policy on which Obama and Romney agree is limiting the use of tax deductions and other tax preferences. And 2013 seems to be shaping up as the first chance for fundamental tax reform since 1986.

The chairmen of the two congressional tax writing committees will be as important in shaping that reform as the president will be. If Republicans keep control of the House and Democrats retain control of the Senate, those two chairmen will be Rep. Dave Camp, R- Mich., and Sen. Max Baucus, D Mont.