“I am going to lower rates across the board for all Americans by 20%. And in order to limit any impact on the deficit, because I do not want to add to the deficit, and also in order to make sure we continue to have progressivity as we’ve had in the past in our code, I’m going to limit the deductions and exemptions particularly for high income folks. And by the way, I want to make sure you understand that, for middle income families, the deductibility of home mortgage interest and charitable contributions will continue. But for high income folks, we are going to cut back on that, so we make sure the top 1% pay the current share they’re paying or more.”
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