Sen. Richard C. Shelby introduced a bill this week that would replace nearly all income tax deductions - including the mortgage interest writeoff - with a 17% flat tax.

The Alabama Republican said his proposal would encourage savings, spur economic growth by reducing marginal tax rates, eliminate the tax penalty for married couples, and tightly control spending.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.