Romney floats $17K limit on tax deductions

[highplainsdem]

Source: The Hill

Republican presidential candidate Mitt Romney floated a $17,000 cap on tax deductions, a proposal that could reconcile his pledge to lower tax rates with his promise to make the plan deficit-neutral.

Limiting individual tax deductions could also hit the rich more than the middle class, which could help Romney ensure his plan lowers the effective tax burden on the middle class even as it could raise the tax burden on the wealthy. Romney has been under criticism from the Obama campaign for offering policies that would benefit the rich and hurt the middle class.

Romney floated the idea the day before his first debate with President Obama during an interview with a local television station in Denver.

"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 healthcare deduction. And you can fill that bucket, if you will, that $17,000 bucket that way," Romney said in an interview with Denver's FOX31. "And higher-income people might have a lower number."

-snip-

Read more: http://thehill.com/blogs/on-the-money/domestic-taxes/259773-romney-floats-17000-deduction-cap-as-obama-camp-demands-specifics

[Botany]

1. R you shitting me Mitt?

How many millions have you not paid in taxes by having off shore bank accounts.

Too fucking little too fucking late.

[w4rma]

2. Sounds good to me. Obama should equivilize his position on this with what Romney is saying.

Once Obama pins Romney down for good as actually believing it.

[CreekDog]

25. That would raise the cost of my housing

Right away.

I dont even own a real house.

But my mortgage interest is 16k per year and property taxes are almost 4k more.

So mine would go up and all I have is a 900 sq. ft condo and not in Pacific Heights either.

The point is, I'm middle class.

[Iliyah]

3. What a liar

liar, liar, liar.

[toby jo]

4. The old man is getting squeezed into a reality check. I like it. Honest? Doubtful.

[SDjack]

5. This tidbit means nothing. The whole package must be analyzed.

Rmoney wants to help me? I think not.

[CitizenPatriot]

6. MIGHT

is not a fuc*ing policy.

Excuse me but I am so sick of his bs. COULD and MIGHT are not will.

[harun]

8. I'm sure the Republican's in the Senate will get right on that Mitt

[silverweb]

9. Smoke and mirrors.

[font color="navy" face="Verdana"]"Could," "can," "might." Weasel words.

Do we really believe he'd actually do something this equitable?

You can bet he wouldn't -- not without first securing some really good loopholes for the 1%.

[oviedodem]

10. The problem with this is that a good number of folks are well over

the $17k limit.

Medical expenditures for example can eat that up in a NY minute. Business write offs like fuel expenses are another area which can go well over that. This is a blatant attempt to make it work knowing good and well it will NEVER pass. He would kill small business owners as I am sure their deductions go well over $17 on average.

This is an eleventh hour attempt to float something that he does not think the Obama team has enough time to poke holes.

He is sadly mistaken and dumb.

[Jersey Devil]

17. right on - my NJ property taxes alone are $15k

Yes, that's right, $15,000 for a 4 BR home in Dumont, NJ, certainly not among NJ's elite communities.

[PSPS]

11. LOL "Limiting individual tax deductions could also hit the rich more than the middle class"

Yes, that's the ticket. Never mind that the parasite class inhabited by Rmoney and his ilk don't rely on "individual tax deductions" at all.

[bamacrat]

12. Right, and the Kochs of the world ie your owners would be happy with this.

Grasping at straws right before the water overtakes your face as you float to the bottom of the river.

[creeksneakers2]

13. etch a sketch

Romney claims he'll provide job growth with tax cuts for the rich, then says he won't give tax cuts for the rich.

This plan doesn't sound like it will add up.

[HuckleB]

16. It doesn't add up. And "could" and "might" are not plans.

They're not even proposals.

[Grammy23]

14. People at his own rallies (his supporters) are starting to ask for details---

I heard that a woman yesterday stood up and asked for details at one of his rallies. He is not going to be able to get away with his invisible plan much longer. People who support this man are asking for details. How much longer does he think he can get away with giving them nothing?? He can try it, but it's a risky strategy. Me? I think he ought to double down and keep right on making things vague and with NO DETAIL or scant details. That ought to go over real big with people in his camp not to mention the ones he is hoping to peel away from the Obama camp.

[hollysmom]

15. I will get hurt by this because of my property taxes and medical bills -

cancer ain't cheap people. And I don't want to sell my house just because the property taxes are high, Right now they fit in my budget and if I get sick I can walk every where and have a dog and be very close to my doctor. If I move, that could be hard to make work. Especially not living in a city and being able to walk everywhere. Nothing like living downtown in a small town.

[Warren Stupidity]

18. hey mitt go fuck yourself

[Kablooie]

19. Well, this isn't going to be a surprise in the debate now.

I wonder if someone in his campaign came up with that to spring on Obama tomorrow night but Mr. R blew it?

[randome]

20. Call it for what it is: an interesting idea.

It won't fly the way Romney described it but maybe it could serve as a starting point for a real discussion.

(I know, I know, there are still too many Republicans in Congress.)

[safeinOhio]

21. That'd be on earned income.

Zero rate on dividends and interest. Mitt would pay zero, zada in tax.

Those are a taxe rate, not as deductions.

We aren't stupid.

[Hassin Bin Sober]

22. This would really fuck all those *actual* $250k earners - really bad.

It would even screw me and I don't make anywhere near that amount. My mortgage interest and property taxes are more than $17k.

A tea-bagger acquaintance I was arguing with the other day was bitching about the 3.5% increase (over $250k) that he would NEVER see. Wait till I float THIS past him - I Know he has a $500k mortgage and $9k in property taxes and two kids.

[Ash_F]

23. Let us know how that goes.

If he's anything like one Romney supporter I know, it won't even resonate. In one ear and out the other.


"but but but WELFARE STATE!"

[Hassin Bin Sober]

30. Sadly, you are correct.

His wife is German. He wants to move back there to raise their kids - because "our country is so fucked up." He loves the public transportation system in Germany.

I reminded him of Germany's socialistic economy and high taxes. His response: "yeah but they actually GET something for their taxes!!"

I reminded him it is his republicans and tea-baggers that keep us from GETTING ANYTHING for OUR tax money except for wars and military spending.

His response: "I'm former military so I agree with that"

My response (while resisting the urge to brain him with the large beer mug I had in my hand): You are a fucking socialist and don't even know it.

I had to get up and leave to get a shot.

[DebJ]

29. I'd love to see the expression on his face. n/t

[Historic NY]

24. A 1%'s wet dream.....

[importDavid]

26. Holy crap!

We pay $21k on mortgage interest on our primary, $6.5m on our second and $10k in property tax. That's $37.5k... More than twice of what Twit is floating.

I'm not even going to get into auto property tax, charititable donations, child care expenses or business deductions...

No way!

[Heather MC]

28. We pay 16.5K in Mortgage int. then my DH and I have a small businesses and charities

we give to that kick our deduction up much higher, this would really screw us over, and we are not where near top earners. MY DH is Military and teaches part time at a community college, and I am a Fitness instructor.

without claiming our detuction our Property tax alone would mess us up financially. We pay our Property tax out of our tax return, because our property tax is not wrapped into our mortgage. that's another way the mortgage company profits off our money and we told them we can pay our own bill. but if our tax returns get's lowered it will really be a nightmare.

[Fresh_Start]

27. if it included the lovely corporate persons as well as human persons, it would be worth it! nt

nt