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I read through most of the report ( and calculated my taxes using the proposed system.

Est. 2005 Federal Tax Liability: ~$20,500
Est. Liability with the proposed changes: ~$39,000

So I would owe $18,500 more in taxes if these changes went through as-is (very, very unlikely)

In all fairness, I do live in California so I'm hit especially hard by two major items in the report. The switch from a mortgage deduction to a credit would be a substantial hit, as would the removal of the state and local tax deductions. Also, the Save at Work plan that would replace the 401k is not pre-tax (Traditional vs. Roth arguments apply).
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