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?

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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