Flat Tax Going Flat?
While the GOP's official line on a radical revamp of the tax code is full speed ahead, some Republican lawmakers are getting cold feet. Senator Alfonse M. D'Amato (R-N.Y.) worries that a flat tax would slash home values up to 25% by eliminating deductions for mortgage interest and local taxes. And the conservative Heritage Foundation wants to focus its fire on defects in the current tax code. GOP leaders fear that other fissures will divide the ranks.