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A US that giveth tax cuts may cut back deductions

Get ready for some hefty new tax increases. The Washington Post reports that just three months after a generous tax cut, US Senate Republicans are preparing legislation that would raise $60 billion in taxes.

Among the possible increases being talked about are:

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* Repealing deductions for state and local sales and property taxes.

* Setting a $5,000 limit on home mortgage deductions.

* Repealing consumer interest deductions, except for auto loans.

* Reducing deductions for medical costs.

* Doubling excise taxes on gasoline, telephones, cigarettes, liquor, beer, and wine.

The Senate Budget Committee will take up the tax issue this week.