Mitt Romney’s Underwhelming Tax Plan

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What is Mitt Romney’s real tax plan? Apparently we got a rare glimpse of this when reporters overheard a private conversation Sunday night with supporters at a fundraising party:

“I’m going to probably eliminate for high income people the second home mortgage deduction,” Romney said, adding that he would also likely eliminate deductions for state income and property taxes as well. “By virtue of doing that, we’ll get the same tax revenue, but we’ll have lower rates.”

Okey dokey. If Romney could actually get Congress to agree to this, I figure it would bring in roughly $100 billion in revenue. That’s assuming a complete elimination of the deduction for all state, local, and property taxes. In return, this would allow tax rates to go down across the board by about one percentage point. Maybe one and a half. Or, alternatively, it might allow tax rates on the rich to go down by five or ten points. I wonder which he has in mind?

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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