Romney floats $17K limit on tax deductions [View all]
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."
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Read more: http://thehill.com/blogs/on-the-money/domestic-taxes/259773-romney-floats-17000-deduction-cap-as-obama-camp-demands-specifics
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