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Mitt Romney's tax musings suggest he wants the rich to pay more
Source: Yahoo! News
Mitt Romney's tax musings suggest he wants the rich to pay more
By Holly Bailey
April 16, 2012
Mitt Romney offered new details Sunday on how he might pay for the 20 percent income tax cut he's proposed for all Americans if he's elected president.
Speaking at a private fundraiser in Palm Beach, Fla., Romney told supporters he would eliminate tax deductions for wealthy people who own second homes. His comments were overheard and first reported by reporters from the Wall Street Journal and NBC News who were standing outside the fundraising event on the sidewalk.
"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, according to NBC's Garrett Haake.
"By virtue of doing that, we'll get the same tax revenue, but we'll have lower rates," the candidate explained, according to NBC. He also added that the benefit of lower rates is that small businesses "get to keep a larger share of what they're earning and plow it back in to hire more people and expand their business."
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By Holly Bailey
April 16, 2012
Mitt Romney offered new details Sunday on how he might pay for the 20 percent income tax cut he's proposed for all Americans if he's elected president.
Speaking at a private fundraiser in Palm Beach, Fla., Romney told supporters he would eliminate tax deductions for wealthy people who own second homes. His comments were overheard and first reported by reporters from the Wall Street Journal and NBC News who were standing outside the fundraising event on the sidewalk.
"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, according to NBC's Garrett Haake.
"By virtue of doing that, we'll get the same tax revenue, but we'll have lower rates," the candidate explained, according to NBC. He also added that the benefit of lower rates is that small businesses "get to keep a larger share of what they're earning and plow it back in to hire more people and expand their business."
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Read more: http://abcnews.go.com/Politics/OTUS/mitt-romneys-tax-musings-suggest-rich-pay/story?id=16149624
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