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Mitt Romney suggests cutting mortgage interest deduction on eve of presidential debate
News Day ^ | October 2, 2012 | THE ASSOCIATED PRESS

Posted on 10/02/2012 7:52:58 PM PDT by RaisingCain

In an interview Monday night with Denver TV station KDVR, Romney said, "As an option you could say everybody's going to get up to a $17,000 deduction. And you could use your charitable deduction, your home mortgage deduction, or others — your health care deduction, and you can fill that bucket, if you will, that $17,000 bucket that way. And higher income people might have a lower number."

A Romney adviser said changes in other areas — a taxpayer's personal exemption and the deduction or credit for health care — would also be taken into account if deductions were limited as Romney suggested. Combining changes to those two areas with the limit on deductions would maintain Romney's goal of keeping tax burdens the same for wealthy and middle income taxpayers, the adviser said.

(Excerpt) Read more at newsday.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: breaking; obamaeconomy; obamafailure; obamarecession; romneyryan2012
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This is not new. He made the same statement in a "secret" donor meeting back during the primary.
1 posted on 10/02/2012 7:53:04 PM PDT by RaisingCain
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To: RaisingCain

Watch him get pounded over this one.


2 posted on 10/02/2012 7:54:07 PM PDT by Attention Surplus Disorder (This stuff we're going through now, this is nothing compared to the middle ages.)
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To: RaisingCain

Frankly we should just scrap the whole corrupt failure that is the US Tax code.


3 posted on 10/02/2012 7:55:10 PM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: RaisingCain

Oh, good lord.
RC when will the insanity stop.


4 posted on 10/02/2012 7:57:05 PM PDT by svcw (Why is one cell on another planet considered life, and in the womb it is not.)
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To: RaisingCain

That’s ok. It removes the biggest straw man argument against the Fair Tax.


5 posted on 10/02/2012 7:57:15 PM PDT by Tench_Coxe
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To: RaisingCain

flat tax, mitt. no deductions


6 posted on 10/02/2012 7:59:41 PM PDT by plain talk
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To: RaisingCain

He’s a dummy. It’s one thing to think it, but don’t mention it before an election. He has a loser wish.

Back at him, how ‘bout for two years we make credit card interest deductible like it used to be? That’ll mess everyone up.


7 posted on 10/02/2012 8:00:00 PM PDT by madison10
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To: RaisingCain

We should ALL get to deduct primary mortgage interest at full value even if we file short form. My mortgage interest never gets deducted because I file standard deduction short form. I don’t have enough deductions to exceed the standard deduction......


8 posted on 10/02/2012 8:01:11 PM PDT by Red Badger (Is it just me, or is Hillary! starting to look like Benjamin Franklin?.................)
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To: RaisingCain

Well, some people are not going to like that proposal at all. But, you know, if you’re riding a big wave landslide, you can afford to sacrifice some votes.


9 posted on 10/02/2012 8:02:22 PM PDT by Tau Food (Tom Hoefling for President - 2012)
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To: RaisingCain

Here comes the bedwetting


10 posted on 10/02/2012 8:07:25 PM PDT by italianquaker (The 47 pct need to pay their fair share)
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To: RaisingCain

This will raise taxes for a lot of families. The last Republican we nominated who raised taxes was George W. H. Bush. After he raised taxes he lost.


11 posted on 10/02/2012 8:10:33 PM PDT by Alter Kaker (Gravitation is a theory, not a fact. It should be approached with an open mind...)
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To: plain talk

... actually ... with 3% interest rates the mortgage interest deduction ain’t what it used to be anyway. My first home loan was at 13%.


12 posted on 10/02/2012 8:11:23 PM PDT by plain talk
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To: Tench_Coxe

EXACTLY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


13 posted on 10/02/2012 8:15:08 PM PDT by bandleader
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To: RaisingCain
Way to go Mitt, tell the voters who want to vote AGAINST Obama that they now need to vote against YOU.

Brilliant move ... no, really, brilliant. Guess you're trying to THROW the election?

14 posted on 10/02/2012 8:15:38 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: RaisingCain

Mittens has a terminal case of foot-in-mouth disease.

I’ve heard of having a “death wish”.

Mitt seems to have a “lose wish”.


15 posted on 10/02/2012 8:17:19 PM PDT by lightman (Settling for the "lesser of two..." is still choosing Evil)
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To: usconservative; All

This isn’t new. This came out early on in the Primaries and was even discussed on Free Republic for at least one thread. It was from a donor meeting that was allegedly supposed to be secret, but we found out about it anyway.

I don’t think Mitt comprehends that it’s at all risky or a problem.

I’m still trying to figure out though the point of lowering taxes just to get people to pay about the same amount via closing loopholes and deductions. It’s the same gimmick he pulled in his home state, and I truly do not understand what the selling point is. A simpler tax system?


16 posted on 10/02/2012 8:19:11 PM PDT by RaisingCain
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To: RaisingCain

Wish he would drop the class warfare bit. Every taxpayer should have deductions lowered.


17 posted on 10/02/2012 8:19:54 PM PDT by RginTN
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To: MNJohnnie

That would be one of the most productive things Romney could ever do.

Get the tax code written, so it’s competitive.


18 posted on 10/02/2012 8:20:13 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: RaisingCain

The Denver Dementia continues. First with the “Dream” amnesty statement (will not deport those who ‘paid for’ Obama’s lawless amnesty decree), and now this pointless stupidity.


19 posted on 10/02/2012 8:25:06 PM PDT by montag813
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To: svcw

Herman Cain wanted to cut all the deductions, so this should be popular with some posters.


20 posted on 10/02/2012 8:25:18 PM PDT by CharlesWayneCT
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To: RaisingCain

Seventeen Thousand in deductions would cover a good number of people. It would be a little less than I take.

Frankly, most deductions should be abolished. Not the charitable contributions, because that isn’t really a deduction, since if you give the money away, you never really earned it — it is just like donating your time to a charity, and they don’t tax that, so why tax cash you give from working?

You could also argue for deducting other taxes, since you shouldn’t have to pay tax on taxes. But the mortgage interest deduction is government manipulation, paying you to do what they think is best. Either all interest should be deductable, or none. Fair would be to tax interest, but only over the rate of inflation.


21 posted on 10/02/2012 8:29:03 PM PDT by CharlesWayneCT
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To: RaisingCain

” - - - the adviser said - - - “

I’ll bet that was a Haaaaaaaaaaaaaaaaaaaaaaaaaaaaarvud “adviser.”


22 posted on 10/02/2012 8:29:47 PM PDT by Graewoulf ((Traitor John Roberts' Obama"care" violates Sherman Anti-Trust Law, AND the U.S. Constitution.))
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To: CharlesWayneCT

Herman Cain wanted to cut all the deductions, so this should be popular with some posters.”


Yeah, but it was going to be come with an actual tax cut to 9 percent on individuals, businesses and a sales tax. The effect would be astounding, and would be a good first step to moving straight into a pure fair tax system.

The entire purpose of Romney closing deductions is just to insure that people are paying generally the same amount they were before.

The real argument, instead of caving into the leftist accusation that cutting taxes will not be deficit neutral, is just to make it clear that spending will be cut for any alleged shortfalls, and that tax reform in and of itself would spur job creation and, therefore, government revenue. Instead, Mitt is accepting their argument and essentially saying that he isn’t really cutting taxes. Meanwhile, the left is arguing that Mitt isn’t just cutting taxes for the rich, but is going to raise taxes on the middle class to pay for it. This is like loading your gun and putting it to your head. I’m not seeing any real plan or purpose being promoted here. Cain was magnificent because his purpose was precise and bold. Romney’s plan is neither precise nor bold, and when it gets precise, it decides to get bold with a losing message.


23 posted on 10/02/2012 8:30:19 PM PDT by RaisingCain
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To: plain talk

Flat tax no deductions and everybody pays!


24 posted on 10/02/2012 8:31:28 PM PDT by tallyhoe
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To: RaisingCain

Spectacularly bad idea


25 posted on 10/02/2012 8:33:45 PM PDT by FlyingEagle
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To: Red Badger

We should eliminate the standard deduction. it is a payoff to those who vote for government handouts.


26 posted on 10/02/2012 8:34:12 PM PDT by CharlesWayneCT
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To: RaisingCain

The first $17,000 is not taxed , an option instead of the mortgage interest deduction, which those who, have paid down or off mortgage /rent /live in parent’s basement, would benefit.


27 posted on 10/02/2012 8:35:21 PM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: RaisingCain
It’s the same gimmick he pulled in his home state, and I truly do not understand what the selling point is. A simpler tax system?

It's not a gimmick. If you expand the tax base (meaning: get those who AREN'T paying any Federal Income tax now to actually start paying) then you can lower the rate for everyone else.

Look at it this way: I can collect $100 in taxes from 1 person, or $100 in taxes from 4 people paying $25 each.

It's been proven time and again, when the tax rates are LOWERED, the Federal Government actually gets MORE "revenue" (tax payments.) It was true when JFK did it, true again when Reagan did it, and true again when GW Bush did it.

28 posted on 10/02/2012 8:36:43 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: Alter Kaker

I doubt there are a “lot” of families with over $17,000 in itemized deductions. And eliminating deductions isn’t raising tax rates. It is getting government out of the job of picking winners and losers, of using tax dollars to bribe people into doing the government’s bidding.


29 posted on 10/02/2012 8:37:03 PM PDT by CharlesWayneCT
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To: CharlesWayneCT

I suppose it could work, if an only if rates were lowered to about 5%.
Oh, hell throw the whole code out and go for a flat tax of 10%, with the first 25K exempt.
You have an idea Charles?


30 posted on 10/02/2012 8:38:13 PM PDT by svcw (Why is one cell on another planet considered life, and in the womb it is not.)
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To: RaisingCain

1. Forgive a million illegals.
2. Kill the housing market by removing the mortgage interest deduction.
3. Keep the lid on investment income tax deduction (like his 14%).

And I try to defend this guy.......?


31 posted on 10/02/2012 8:39:30 PM PDT by Phosgood (Send in the Clowns...but Wait, they're here!! >..<)
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To: plain talk

“My first home loan was at 13%.”

Jimmy Carter years?


32 posted on 10/02/2012 8:39:56 PM PDT by Holly_P
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To: Tench_Coxe

>> Thats ok. It removes the biggest straw man argument against the Fair Tax.

Winning elections is about gratifying the primates.


33 posted on 10/02/2012 8:40:04 PM PDT by Gene Eric (Demoralization is a weapon of the enemy. Don't get it, don't spread it!)
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To: RaisingCain

Cain’s problem was double-taxing savings, because you paid full income tax, and then have to pay the 9% sales tax. Along with implementing three separate taxes, all of which could easily be raised, putting us in worse shape.


34 posted on 10/02/2012 8:40:09 PM PDT by CharlesWayneCT
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To: tallyhoe
Flat tax no deductions and everybody pays!

That would be my preference. Either we ALL have skin in the game, or we all don't.

35 posted on 10/02/2012 8:40:36 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: RaisingCain

The mortgage deduction is essentially a tax on renters, a particularly regressive tax since renters are likely to be lower income individuals. It’s unfair. I shouldn’t be penalized for renting by being denied a deduction on my taxes.

A flat tax with no deductions is the only moral, fair way to tax. We need to get as close to that as fast as possible. If you don’t have that, you have a system that punishes certain groups of people for their personal decisions as free people.

It also has the benefit of greatly simplifying the process of paying taxes, which frees up so much money to put into real production of goods and services instead of the simple “overhead” of being a citizen.


36 posted on 10/02/2012 8:42:59 PM PDT by JediJones (ROMNEY/RYAN: TURNAROUND ARTISTS ***** OBAMA/BIDEN: BULL $HIT ARTISTS)
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To: CharlesWayneCT

“Cain’s problem was double-taxing savings, because you paid full income tax, and then have to pay the 9% sales tax. Along with implementing three separate taxes, all of which could easily be raised, putting us in worse shape.”


The 9 percent sales tax was replacing embedded taxes we already pay for. These are taxes businesses are paying right now that are simply passed down to the consumer. On top of that, the 9 percent is only on what you spend. Unless you’re spending every dollar you bring it, it’s not 9 percent again on your entire income. There was also no sales tax on used items.

Of course, it doesn’t matter now. Cain ain’t coming back.


37 posted on 10/02/2012 8:44:30 PM PDT by RaisingCain
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To: RaisingCain

Just give me a obamaphone and a school lunch. I be happy.


38 posted on 10/02/2012 8:44:56 PM PDT by gotribe (WTF?)
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To: RaisingCain

Lower the tax rate and eliminate all but charitable. The tax code is a way of manipulating people to do what you want them to do. Those should be economic decisions.

Pray for America


39 posted on 10/02/2012 8:45:28 PM PDT by bray (If you vote for a communist what does that make you?)
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To: CharlesWayneCT
Along with implementing three separate taxes, all of which could easily be raised, putting us in worse shape.

It's not easy to raise a tax that a majority of the citizens pay.

40 posted on 10/02/2012 8:46:28 PM PDT by JediJones (ROMNEY/RYAN: TURNAROUND ARTISTS ***** OBAMA/BIDEN: BULL $HIT ARTISTS)
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To: Phosgood
I don't think eliminating or capping the mortgage interest deduction will kill the housing market. Seems to me taxpayers should not be expected to subsidize the neighbor wanting to live in the most expensive house on the block.
41 posted on 10/02/2012 8:46:55 PM PDT by montanajoe (Blame Flame Shame or Beg I won't vote for R/R)
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To: RaisingCain

Any hit piece will do when you are desperate. Mitt could remain silent and get blamed for inciting something. This close to the election. Not one one word of attack is likely to have any more than a casual brush with the truth. It seems that the people responsible for interpreting harm from statements drawn from context in a Mitt speech see no harm in the pattern of deeds from Obama.


42 posted on 10/02/2012 8:48:57 PM PDT by Steamburg (The contents of your wallet is the only language Politicians understand.)
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To: plain talk

It’s not just about what you pay or I pay, it’s about what our kids will be stuck with. Mortgage interest will surely head back toward 13% as inflation takes hold... Jimmuh redux.


43 posted on 10/02/2012 8:51:05 PM PDT by antceecee (Bless us Father.. have mercy on us and protect us from evil.)
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To: montanajoe
I don't think eliminating or capping the mortgage interest deduction will kill the housing market. Seems to me taxpayers should not be expected to subsidize the neighbor wanting to live in the most expensive house on the block.

Maybe it's time for that neighbor to join me in supporting Tom Hoefling.

44 posted on 10/02/2012 8:53:48 PM PDT by Tau Food (Tom Hoefling for President - 2012)
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To: RaisingCain

No one who was planning to vote for Romney is going to change their vote because of this distant possibility, but it could convince some undecideds-leaning-toward-Obama that Romney is in favor of hurting those who are rich enough to own houses—Yayyy!


45 posted on 10/02/2012 8:56:09 PM PDT by firebrand
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To: FlyingEagle

I don’t want to subsidize your mortgage.


46 posted on 10/02/2012 8:57:43 PM PDT by impimp
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To: RaisingCain

Exactly. Cain had a much better plan, but sadly the RINO train insisted on Romney. :(


47 posted on 10/02/2012 8:58:20 PM PDT by JCBreckenridge (Texas, Texas, Whisky)
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To: firebrand

I have to laugh.

According to FR, the Obama video showing him in full Rev Wright mode which has been repeatably broadcast on the largest Cable network tonight is a big nothing but this article from a no where website is going to cost Romney votes

Let face it, a certain number of you will condemn anything Romney does.


48 posted on 10/02/2012 9:00:14 PM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: RaisingCain

Romney’s been getting pounded for not being “specific” in what he would eliminate in cutting taxes by lowering rates but still maintaining government income - this both gives some specifics and also by limiting it for high earners takes the “tax cuts for the rich” argument away - clever.......


49 posted on 10/02/2012 9:02:24 PM PDT by Intolerant in NJ
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To: MNJohnnie
I have to laugh.

According to FR, the Obama video showing him in full Rev Wright mode which has been repeatably broadcast on the largest Cable network tonight is a big nothing but this article from a no where website is going to cost Romney votes

Let face it, a certain number of you will condemn anything Romney does.

For a lot of us, it's not news that Obama is a racist. His entire campaign has from the beginning been based upon creating divisiveness and antagonism between groups.

50 posted on 10/02/2012 9:06:48 PM PDT by Tau Food (Tom Hoefling for President - 2012)
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