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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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