The beneficiaries would largely be the most affluent taxpayers.
Together, the two deductions will cost the treasury about $250 billion this year, with the benefits going disproportionately to the most affluent taxpayers.
This means they are more beneficial to affluent taxpayers in higher tax brackets.
Selective tax cuts or "credits" are most beneficial to affluent white taxpayers and least to poor blacks.
In turn, the need to raise income tax rates would induce many of the community's more affluent taxpayers to flee to neighboring cities.
Democrats point out that the benefits of the 2001 tax cut and the one proposed by the White House flow mainly to affluent taxpayers.
Most of the affluent taxpayers interviewed said they believe the Clinton plan is fair.
Many affluent taxpayers with income from professional or investment partnerships routinely take advantage of an extension.
But if he decided a tax increase was necessary, he argued, it should come from the more affluent taxpayers.
The committee made the measure somewhat more favorable to less affluent taxpayers than the president's plan.