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Romney Specifies Deductions He'd Cut
wsj ^ | 4/15/12 | s murray

Posted on 04/16/2012 8:16:32 AM PDT by bestintxas

Mitt Romney, speaking at a private fundraising event on Sunday, offered the first details of deductions he would eliminate or limit in order to offset the income tax cut he has proposed for all taxpayers.

Mr. Romney, the presumptive Republican nominee for president, said he would eliminate or limit for high-earners the mortgage interest deduction for second homes, and likely would do the same for the state income tax deduction and state property tax deduction.

He also said he would look to the Department of Education and the Department of Housing and Urban Development for budget cuts.

Mr. Romney discussed his plans while speaking to high-dollar donors at a private estate. During the backyard event, which could be heard by reporters outside on a public sidewalk, Mr. Romney offered policy specifics he has yet to unveil on the campaign trail.

Republican presidential candidate Mitt Romney, shown last week, offered the first details Sunday of tax deductions he would eliminate. .Mr. Romney has pledged a 20% cut to income tax rates for taxpayers in all income brackets but has offered few details for how he would pay for the proposal. Mr. Romney also has vowed to bring federal spending under control, while offering few details on which programs he would cut.

President Barack Obama recently criticized Republicans on the point, saying they hadn't specified which programs they would pare back.

"I'm going to probably eliminate for high-income people the second-home mortgage deduction," Mr. Romney told supporters at the event Sunday. His plans could allow him to keep the same level of tax revenue but to lower rates, which he said would allow small businesses to keep a larger share of their earnings and expand

(Excerpt) Read more at online.wsj.com ...


TOPICS: Front Page News; News/Current Events
KEYWORDS: bow2deathcare; bow2romney; bow2romneycare; bow2romneyfascism; bow2romneyfees; bow2romneypayoffs; bow2romneytaxes; bownow2romney; romney
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What kind of fools are we Republicans anyway?

With talk like this, he is no better than Obama.

1 posted on 04/16/2012 8:16:46 AM PDT by bestintxas
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To: bestintxas

I was just thinking that taxes are painfully low. :)


2 posted on 04/16/2012 8:21:11 AM PDT by Tzimisce (THIS SUCKS)
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To: bestintxas

Thataboy Mitt. Concede the narrative on this issue to Obama by buying in to his “Tax the Rich” mentality. You’ll just do it slower.


3 posted on 04/16/2012 8:21:29 AM PDT by headstamp 2 (Liberalism: Carrying adolescent values and behavior into adult life.)
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To: bestintxas

“With talk like this, he is no better than Obama.”

Just one more reason to vote Obama!


4 posted on 04/16/2012 8:21:36 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: bestintxas

Eliminating deductions is part of what’s necessary to move towards a flat tax. Interesting proposal.


5 posted on 04/16/2012 8:22:18 AM PDT by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: bestintxas

With talk like this, he is no better than Obama.

Yeah, but at least he’s white and he has a R in his title. /s


6 posted on 04/16/2012 8:22:26 AM PDT by Leep (Enemy of the Statist)
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To: Diogenesis

Get a load of this RINO crap...!


7 posted on 04/16/2012 8:23:38 AM PDT by Timber Rattler (Just say NO! to RINOS and the GOP-E)
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To: Zhang Fei
Eliminating deductions is part of what’s necessary to move towards a flat tax. Interesting proposal.

Good point, I wont knee jerk, have to look at this more closely.

8 posted on 04/16/2012 8:27:14 AM PDT by Paradox (I want Obama defeated. Period.)
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To: brownsfan

“Just one more reason to vote Obama!”

I can’t wait!


9 posted on 04/16/2012 8:27:57 AM PDT by Magic Fingers (Political correctness mutates in order to remain virulent.)
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To: Timber Rattler
Get a load of this RINO crap...!

So, you'd rather not get a 20% income tax break and eliminate deductions that curry favor to specific segments of the population?

10 posted on 04/16/2012 8:29:14 AM PDT by IamConservative (Shall I try and perhaps fail or shall I do nothing without fail?)
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To: bestintxas

For the “hold my nose and commit suicide” crowd. Those voting Romney might as well vote Obama. Though this is WORSE. Just open the door and invite the vampire in.


11 posted on 04/16/2012 8:30:17 AM PDT by RIghtwardHo
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To: Paradox
Good point, I wont knee jerk, have to look at this more closely.

The guy's talking about 20% tax cuts across all income brackets. Eliminating major deductions also means an effective end to the Alternative Minimum Tax, since AMT is contingent upon deductions that are denied.

12 posted on 04/16/2012 8:31:20 AM PDT by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: bestintxas
Well Gollly!


Well, I think you hit a reset button for the fall campaign.
Everything changes. It's almost like an Etch a Sketch.
You can kind of shake it up and we start all over again.

13 posted on 04/16/2012 8:31:45 AM PDT by McGruff (Don't go wobbly on me now Newt. You're our only hope.)
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To: bestintxas

At least you’ve come to the obvious conclusion. Many here are still all about rallying around the inevitable nominee. It seems to not matter hes Barry in a different package.


14 posted on 04/16/2012 8:32:05 AM PDT by 556x45
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To: bestintxas

state property tax deduction?!?!?

wth!

ROMNEY wants to eliminated my deduction for the property taxes I pay?

F! that!

I will vote for Obama before I vote for this ___wipe!


15 posted on 04/16/2012 8:33:03 AM PDT by TexasFreeper2009 (Go Newt!)
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To: IamConservative

C’mon, you’re not that dumb to fall for this are you? This is just Obamney’s “Read My Lips” moment. He has no intention of cutting any taxes or federal spending. He will increase both. It’s what he does.


16 posted on 04/16/2012 8:34:25 AM PDT by Sirius Lee (Sofa King Mitt Odd Did Obamneycare)
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To: bestintxas
Why are the candidates not talking about cutting the size of government, limiting entitlements, and lowering taxes? The ink is not yet dry on my 'fair share' and if my 'fair share' goes up any more I'm going to go broke. Why will the RNC not at least try to establish a different narrative?
17 posted on 04/16/2012 8:37:13 AM PDT by AD from SpringBay (We deserve the government we allow.)
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To: bestintxas
Article:

President Barack Obama recently criticized Republicans on the point, saying they hadn't specified which programs they would pare back.

We know Obama's added $1T in spending and wants to add trillions more. That's enough to want some other guy in office. That's on top of his rolling illegal alien amnesty and his systematic alienation of our allies abroad. Anybody but Obama...

18 posted on 04/16/2012 8:37:29 AM PDT by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: Zhang Fei; All
And let's NOT forget, it is the BLUE states, Cal NY, NJ, CT, MA, that have the HIGHEST income tax rates in the country..if you can't deduct state and local taxes off your federal return..that's a BIG hurt...A millionaire living in NYC, may have a combined state and local tax rate approaching 15%...

Some years ago, I think under Clinton, there was a proposal floated to eliminate the deductabilty of state and local taxes. Chuckie Schumer went ballistic over it. The diea was withdrawn..

19 posted on 04/16/2012 8:37:58 AM PDT by ken5050 (The ONLY reason to support Mitt: The Mormon Tabernacle Choir will appear at the WH each Christmas)
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To: bestintxas
What kind of fools are we Republicans anyway?

Remember the difference between Republican and conservative. Conservatives aren't fooled by Mutt Romney.

20 posted on 04/16/2012 8:38:23 AM PDT by Colonel_Flagg (There will be no vote for Myth Romney in my house. Period.)
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To: bestintxas
Mitt Romney, speaking at a private fundraising event on Sunday, offered the first details of deductions he would eliminate or limit in order to offset the income tax cut he has proposed for all taxpayers.

How exactly was this missed? It's the first line of the article. I know people love to hate Romney, but you can't be troubled to read even one line? Sorry, didn't mean to inject any common sense here. Complain all you want, but this looks like a step towards a flat tax.
21 posted on 04/16/2012 8:38:36 AM PDT by flintsilver7 (Honest reporting hasn't caught on in the United States.)
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To: bestintxas

Just tell the truth.

1. We spend WAY more than we earn (roughly 1/3 of the Budget is borrowed).
2. This is unsustainable.
3. We must decide, here and now, which programs do we not only want, but are also willing to finance with current revenues (no deficit spending). THAT, plus debt servicing is the budget / taxation needed to support it.
4. This will hurt, a lot. But the pain will subside quickly.
5. Continuing down the path we are currently following leads to greater pain for a longer period, just sometime in the furture. Maybe not for us, but for our kids & grandkids.


22 posted on 04/16/2012 8:39:03 AM PDT by An.American.Expatriate (Here's my strategy on the War against Terrorism: We win, they lose. - with apologies to R.R.)
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To: bestintxas

Like the good RINO that he is... Romney bought the narrative of the question when he answered it.

You don’t have to PAY for tax cuts !!!! they pay for themselves!!!!!

freaking RINO is out of his league! Newt would of hit this question out of the park!


23 posted on 04/16/2012 8:39:29 AM PDT by TexasFreeper2009 (Go Newt!)
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To: bestintxas

Romney may not be a Cato or Cicero, but Obama is a Julius Caesar who will destroy our republic. The country cannot survive four more years of Obama (unless the Republican score big gains in the Senate). $1.3 trillion deficits will turn into $2+ trillion deficits by 2016.


24 posted on 04/16/2012 8:43:44 AM PDT by MichaelNewton
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To: Paradox; Zhang Fei
what’s necessary to move towards a flat tax

Also consider not offering a flat tax appeases Progressives.
25 posted on 04/16/2012 8:45:00 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: bestintxas

What kind of absolute dumb ass is Mitt?

Right, go ahead and remove deductions for mortgage interest on second homes - that will:

A: concede the template to Obama and the liberals
B: further crash home values.

DUMB DUMB ASS


26 posted on 04/16/2012 8:45:27 AM PDT by C. Edmund Wright
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To: Zhang Fei

Give us Barabbas(Romney)!


27 posted on 04/16/2012 8:47:53 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: Zhang Fei

If you’re going to go to flat tax, just get to it! All this B.S. of arriving at it circuitously is unnecessary. I don’t trust a guy who is trying to improve upon something that everyone else knows is irreparable. A lot of people are incapable of handling complexity. Thus, the adage, “keep it simple stupid!” Does this goof have a 59-point plan to annul obamacare? I never liked the guy. I still don’t. I don’t think he can be trusted to do anything that is not in his own interest.


28 posted on 04/16/2012 8:48:10 AM PDT by old school
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To: TexasFreeper2009
I will vote for Obama before I vote for this ___wipe!

A vote for Romney IS a vote for Obama

29 posted on 04/16/2012 8:51:28 AM PDT by Drill Thrawl (The United States of America, a banana republic since 1/21/2009)
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To: TexasFreeper2009

State tax deductions are one of the biggest scams blue statesa pull on red states: the more the states tax the less their residents pay to the federal pot.


30 posted on 04/16/2012 8:52:53 AM PDT by 9YearLurker
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To: TexasFreeper2009

State tax deductions are one of the biggest scams blue statesa pull on red states: the more the states tax the less their residents pay to the federal pot.


31 posted on 04/16/2012 8:53:28 AM PDT by 9YearLurker
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To: flintsilver7

It’s all about hating Romney, don’t you know? People hate Romney more than obama. Me? I’ve NEVER hated anyone until obama came along.


32 posted on 04/16/2012 8:54:12 AM PDT by jersey117 (The Stepford Media should be sued for malpractice)
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To: bestintxas

And it is none of their business how much any American pays in taxes. Get the nanny state out of the tax code.


33 posted on 04/16/2012 8:56:59 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: bestintxas

This DumbA$$ is too stupid for words.

Republican DumbA$$, you are not talking about growing the economy. You are just pissing me off.


34 posted on 04/16/2012 8:57:58 AM PDT by Chgogal (WSJ, Coulter, Kristol, Krauthammer, Rove et al., STFU. Thank you.)
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To: bestintxas


"What kind of fools are we Republicans anyway?"

Near as I can tell, secularist humanist. As soon as a candidate demonstrates he is authentically Christian, most Republicans attack him as if he's Satan himself.


35 posted on 04/16/2012 8:58:25 AM PDT by jacknhoo (Luke 12:51. Think ye, that I am come to give peace on earth? I tell you, no; but separation.)
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To: bestintxas


"What kind of fools are we Republicans anyway?"

Near as I can tell, secularist humanist. As soon as a candidate demonstrates he is authentically Christian, most Republicans attack him as if he's Satan himself.


36 posted on 04/16/2012 8:58:40 AM PDT by jacknhoo (Luke 12:51. Think ye, that I am come to give peace on earth? I tell you, no; but separation.)
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To: flintsilver7

“Mitt Romney, speaking at a private fundraising event on Sunday, offered the first details of deductions he would eliminate or limit in order to offset the income tax cut he has proposed for all taxpayers.”

Did you read the headline the WSJ placed on this article?

It said Rmoney was talking up more taxes not less.

What do you think this proposal will do to the real estate market and homebuilding?

Do you think disallowing mortgage deductions like he is proposing will improve or worsen this?

All this fool is doing is going along with the Obama narrative in making things more expensive for those who can afford it.

He is demeaning all Americans who strive to do better for themselves by saying they don’t deserve it because the govt pie needs it given to them.

Do you see this as an improvement over the one now in office?

There are many blue collar workers in places like Michigan that have a second house. Do you think this will sway them to vote for Romney?


37 posted on 04/16/2012 8:58:40 AM PDT by bestintxas (Somewhere in Kenya, a Village is missing its Idiot, thankfully.)
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To: bestintxas
With talk like this, he is no better than Obama.

And we should be surprised? "no details"...just more talk saying something without nothing. Par for his course.

Obama's going to end up winning this election if Romney doesn't come across with some 'specific' plans... and even then he is not the least bit trustworthy to carry ANY of them out.

This whole Primary has gone into the dumpster if Newt doesn't get the ball rolling here soon. More importantly, if people don't wake up and realize supporting Romney will be our total undoing just as with Obam.

38 posted on 04/16/2012 9:00:03 AM PDT by caww
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To: flintsilver7
I know people love to hate Romney, but you can't be troubled to read even one line?

Only RomneyBots read that line and since you read it, you must be a RINO ROMNEYBOT!!!!!

39 posted on 04/16/2012 9:00:22 AM PDT by Drew68
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To: old school
If you’re going to go to flat tax, just get to it! All this B.S. of arriving at it circuitously is unnecessary.

It's unnecessary if you work for a think tank. Politicians who need to work for every vote will demur. A flat tax will have adverse effects on voters in certain income brackets, who will turn out in force to prevent the politician floating the proposal from being elected to office. It's a lot like Social Security - any proposal that deals with pocketbook issues will elicit enormous resistance from those who are adversely impacted, which getting relatively tepid support from those who benefit. Classic psychological paradox here - pain is a much bigger motivator than pleasure, at least at the polls.

40 posted on 04/16/2012 9:00:33 AM PDT by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: AD from SpringBay
Why are the candidates not talking about cutting the size of government, limiting entitlements, and lowering taxes? The ink is not yet dry on my 'fair share' and if my 'fair share' goes up any more I'm going to go broke. Why will the RNC not at least try to establish a different narrative?

Maybe because they're all singing from the same hymnbook?

41 posted on 04/16/2012 9:01:39 AM PDT by COBOL2Java (FUMR)
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To: jersey117

There are plenty of criticisms of Romney. However, when you add a subtitle stating “(RINO already talking up more taxes rather than tax cuts)” when the first line of the linked article mentions across-the-board tax cuts, you do not come off as credible. It’s just dishonest.

Flattening the tax code necessarily entails removing deductions. It’s not hard to understand.


42 posted on 04/16/2012 9:02:30 AM PDT by flintsilver7 (Honest reporting hasn't caught on in the United States.)
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To: flintsilver7
Only RomneyBots read that line and since you read it, you must be a RINO ROMNEYBOT!!!!!

Oops. I forgot to throw "HOMO-LOVING!!!" in there.

Sorry 'bout that.

43 posted on 04/16/2012 9:02:37 AM PDT by Drew68
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To: An.American.Expatriate; All
Good post...

Yes that 1/3 boggie.

I did the quick math, if we don't touch entitlements and go after the rest the burden they shoulder was something like 62.5% cuts. Given what sucessful CEO's do to turn a company around ( Ford's Mulally and his 40% cuts right off the bat ), this 60 something percent cut, might be a great wake up call.

The question is, does the Bain Capital side of Willard have the Cohones to do it to Fedzilla.

Imagine, NPR, AMTRAK, and so many departments closed or consolidated for starters before we tackle "entitlements"

We need a dream list from Heritage, Cato and "Martin Gross"...

And that is just for Starters...

44 posted on 04/16/2012 9:04:16 AM PDT by taildragger (( Palin / Mulally 2012 ))
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To: bestintxas
Mr. Romney, the presumptive Republican nominee for president, said he would eliminate or limit for high-earners the mortgage interest deduction for second homes, and likely would do the same for the state income tax deduction and state property tax deduction.

This would destroy middle class home ownership in what is left of high-tax states like California. If you think the mortgage and banking crisis is bad now, you ain't seen nothin' yet.

45 posted on 04/16/2012 9:06:18 AM PDT by Carry_Okie (The RINOcrat Party is still in charge. There has never been a conservative American government.)
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To: flintsilver7

you dont have to OFFSET tax cuts! they pay for themselves by growing the economy!!!

Only liberals believe that tax cuts have to be “paid for”


46 posted on 04/16/2012 9:06:48 AM PDT by TexasFreeper2009 (Go Newt!)
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To: bestintxas
What do you think this proposal will do to the real estate market and homebuilding? Do you think disallowing mortgage deductions like he is proposing will improve or worsen this?

The Federal government is overly entangled in the real estate market. Eliminating the real estate deduction will eliminate yet another market distortion introduced all those years ago for no good economic reason as a sop to real estate developers. If we're going to subsidize an industry, I think we'd be better off subsidizing natural resource extraction or alternative energy research rather than something like home building.

47 posted on 04/16/2012 9:10:33 AM PDT by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: flintsilver7
This is BS. How many second mortgages are out there? Enough to grow the economy?

I want to hear about the big things he's going to do. I want to hear about conservative policies that will grow the economy not where he's putting the 2nd mortgage deck chair vs. the state tax deduction deck chair.

I want to hear, how he will grow the private sector instead of public sector by cutting regulations at all levels. I want him to explain how cutting taxes to the private sector puts more in their pocket which puts more money in the economy to invest as each citizen sees fit. I want to hear how giving money to GIANT GOVERNMENT is just laundering hard won tax payer money. I want him to prove with stats how Kennedy's and Reagan's policies grew the economy and how Socialist Policies the WORLD OVER have failed to do that.

To date I have heard NADA!

He needs to step up and represent what historically have been very successful policies here at home and abroad.

48 posted on 04/16/2012 9:12:08 AM PDT by Chgogal (WSJ, Coulter, Kristol, Krauthammer, Rove et al., STFU. Thank you.)
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To: Zhang Fei

Taxes are a political shell game, you make a cut in one place, and you wind up paying more in the other. In the end, it always winds up washing out.


49 posted on 04/16/2012 9:14:37 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: bestintxas

I already know you’re unable to be objective, but are you unable to read as well? Romney did not advocate raising taxes. Romney talked about flattening taxes, which necessarily has to be done by removing or limiting deductions and lowering rates.

What would eliminating the deduction for mortgage interest on second homes do? I have no idea. I do know that second homes represent about 6% of the total market, so my guess is not that much. How much of that is purchased by people who finance isn’t something I know. What Romney means by “high earners” isn’t something I know either, but your “blue collar workers in Michigan” probably don’t qualify as “high earners.” I’m not worried about that. I would be worried if he advocated removing the mortgage interest deduction on primary residences like Democrats have done (and continue to do).

You can believe whatever you want about Romney, but if you seriously believe his administration would not be orders of magnitude better than the current one, you’re out of your mind.

Just be honest. It’s not that hard.


50 posted on 04/16/2012 9:15:46 AM PDT by flintsilver7 (Honest reporting hasn't caught on in the United States.)
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