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 ...
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.
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!
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.
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
Give us Barabbas(Romney)!
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.
A vote for Romney IS a vote for Obama
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.
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.
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.
And it is none of their business how much any American pays in taxes. Get the nanny state out of the tax code.
This DumbA$$ is too stupid for words.
Republican DumbA$$, you are not talking about growing the economy. You are just pissing me off.
“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?
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.
Only RomneyBots read that line and since you read it, you must be a RINO ROMNEYBOT!!!!!
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.
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