Romney Floats $17,000 Limit On Tax Deductions
“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 told a Fox affiliate in Denver. “And higher income people might have a lower number.”
In other words, cap the total amount individuals can benefit from tax loopholes.
http://tpmdc.talkingpointsmemo.com/2012/10/mitt-romney-floats-17000-limit-on-tax-deductions.php?ref=fpnewsfeed
I live in NJ where property taxes are through the roof. Mine are $15,000. That leaves me only $2,000 for mortgage interest (of about 10k). On those 2 items alone I would be taxed on another $8,000 per year. Add in health insurance and that is probably another $10-12k I would be taxed for considering my wife's employer's contribution (along with her own) and all of a sudden I would be paying tax on over 20k of income I don't pay on now. That sucks