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Mitt Romney suggests limiting tax deductions
to $17,000 as a way of making the
rich pay for his tax cuts

Daily Mail [UK], by Toby Harnden

Original Article

Posted By:Attercliffe, 10/4/2012 12:14:38 AM

Mitt Romney has floated the idea of a $17,000 limit on tax deductions as a way of lowering taxes while making higher-income earners bear the burden pay more tax to make the plan deficit-neutral. '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,' Romney said in an interview with Denver's FOX31. 'And you can fill that bucket, if you will, that $17,000 bucket that way. And higher-income people might have a lower number.'

      


Post Reply  

Reply 1 - Posted by: 6079 Smith, W, 10/4/2012 12:19:24 AM     (No. 8908079)

I have a big problem with talk of tax policy needing to be revenue neutral. Government needs to be more efficient with the revenue it gets! Until it does that, I say, starve it of revenue!

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Reply 2 - Posted by: danu, 10/4/2012 1:57:54 AM     (No. 8908301)

agree #2.
Plus, once deductions are limited, they're gone.
But the taxes always come back.

For example, people w/ catastrophic illnesses/injuries, or homes/businesses wiped out in natural disasters could easily lose out.
Then, one thing Obummercare shows us is that Peloser and Dirty Harry went directly for the medical and real estate industries as golden geese to be plucked--and beheaded--starting w/ punitive taxes and loss of deductions.

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