"A new Joint Committee on Taxation report showed that eliminating all of the itemized deductions in the tax code – together with other policy changes – would only generate enough savings to reduce marginal tax rates by 4 percent. The report highlights how the Republican tax plan – which calls for much deeper cuts in tax rates, to be offset by eliminating or reducing tax expenditures – would end up either harming middle- and lower-income families or blowing an even deeper hole in the deficit."