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The fund's report also examined why the debt tax deduction might be appropriate.
Figuring the deduction might be worth a couple of hundred dollars at most, I visited kbb.com, operated by the Kelley Blue Book car pricing guide.
The up-front deduction might be an important incentive for workers to participate in retirement plans.
Still, if you put a big slug of money into a 529 before the market tanked, the deduction might be useful.
The tax reform framework repeals state and local tax deductions and AMT starting in 2018 so your best chance at a deduction might be to pay state and local taxes due by Dec. 31, 2017.
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More generous deductions might be maintained for those investing in the construction of new homes.
If the United States government says that taxes should not be paid, then such deductions might be disallowed, he said.
He's never said what those loopholes and deductions might be, but many economists suggested that he'd have to end the mortgage deduction to achieve anything close to revenue neutrality, and thus hurt the middle class.
Senator Orrin Hatch of Utah, the Republican chairman of the Senate Finance Committee, described it as "haphazardly cobbled together" on the grounds that the tax framework was still missing so many important details that would affect its cost and impact, such as how much the child tax credit might increase and which business deductions might be repealed.
The starting point of its deductions might be thought of as first principles.
More important is the fact that some key members of the Party have decided that the chances for historic tax reform involving really big rate cuts for individuals and business (coupled with simplification of the tax code to eliminate a wide range of deductions) might be politically achievable in this session of Congress -- especially if immigration reform makes it through.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com