Mike Lee's Tax Plan: An Intriguing Idea That Would Add $2.4 Trillion to the Deficit

An ambitious tax reform plan proposed by Sen. Mike Lee (R-UT) would provide generous new tax credits for families with children and repeal the Alternative Minimum Tax, while at the same time eliminating the standard deduction and nearly all itemized deductions. More than 60 percent of households would pay lower taxes than under current law but, as a result, the plan would increase the deficit by $2.4 trillion over the next decade, according to a new analysis by the Tax Policy Center.