Tax deduction cap: How much would it raise and who'd pay?
October 17th, 2012
06:07 PM ET
8 years ago

Tax deduction cap: How much would it raise and who'd pay?

New York (CNNMoney) - One of the big unknowns about Mitt Romney's $5 trillion tax plan is how he would pay for it.

According to a report released Wednesday, one of the options he has talked about wouldn't raise nearly enough money on its own.


Filed under: Mitt Romney • Taxes
soundoff (13 Responses)
  1. Four and The Door

    Romney's "tax reform principles establish a framework" for working with Congress to make the tax code more efficient and pro-growth, he said.
    ...and this is exactly the correct way to do something this far-reaching. In other words, making detailed decisions on major tax reform during a campaign just to make it easier to be elected would not be in the best interest of the nation. Providing a framework to work with Congress on is the correct way to do it. This way you know he is serious about reform. He is doing it correctly.

    October 17, 2012 06:14 pm at 6:14 pm |
  2. Name

    Mitt is a.joke he wouldn't help middle class families out , and I can't believe people buy into it it's just sad

    October 17, 2012 06:24 pm at 6:24 pm |
  3. Pete

    Romney couldn't run fast enough from this issue could he and after he spoke there's still no details or specifics are there still!!Can he give details on a viable tax plan before election time no ,he couldn't answer that could he!!And he starts fires he can't put out on the "BINDERS" remark caught fire for the wrong reason and again started allienating women just as his language of before,its the truth that Romney still can't relate period,especially to women!!Let's see your tax policies Romney because you can't come up with them can yah!!

    October 17, 2012 06:40 pm at 6:40 pm |
  4. sara

    Romney knows exactly what Who will pay for his "shady" tax policies. The middle class!

    October 17, 2012 07:03 pm at 7:03 pm |
  5. Pete

    Romney also said he'd close loopholes on everyone and give a deduction cap up to $17,000,25,000,50,000, just what was it because it keeps changing but again so does his policies,never the same always mutating!!So Romney if you want to be electible by intelligent people,yah know the independants you better come up with a viable plan because the logic of telling voters after being elected just won't cut it idiot!!

    October 17, 2012 07:44 pm at 7:44 pm |
  6. Marie MD

    If we believe financial analysts (not the rethug talking heads or number hos) it's the middle class who will pay. Actually, it's the poor because for the twit middle class means people making $250,000 a year.

    October 17, 2012 09:24 pm at 9:24 pm |
  7. Former Republican, now an Independent

    Romney's tax plan is another of his charades. The reason he won't release any specifics about any of his plans are the fact the republicans know they won't work and are counting on the fact that most Americans aren't watching the fact checks. Romney's plans are very much in line with George W. Bush's plans that nearly bankrupted the nation. The only new part is that when they run the national debt high enough, they plan for the American worker to pay the bill from the Social Security benefits the workers have bought and paid for.

    October 17, 2012 09:57 pm at 9:57 pm |
  8. Larry L

    How about a cap on personal exemptions for children? Why not limit children allowed to use for tax exemptions to one or two? Why should taxpayers who take responsibility for the size of their family be punished with higher taxes than a family with ten kids? Why should citizens get a tax break because they don't believe in contraception? Like the pro-lifers are always saying – pregnancy is a choice! Don't have sex and you won't need the extra exemptions.

    I'll bet that deficit-reducing idea wouldn't be a big hit in Salt Lake City!

    October 17, 2012 11:21 pm at 11:21 pm |
  9. John Oboho

    Romney is a used car salesman.Would not release his detailed tax returns,would not state which loopholes he would close,flip-flops as a passionate hobby,& shelters his money in offshore tax heavens.And like the President said,ROMNEY HAS ONLY 1 ECONOMIC PLAN,TO GIVE TAX BREAKS TO THE TOP 1%,BECAUSE HE HAS SIGNED OFF TO BE GROVER NORQUIST STOOGE.

    October 18, 2012 12:49 am at 12:49 am |
  10. Thomas

    It's secrete , If Romney told us , he would have to kill us !

    October 18, 2012 01:37 am at 1:37 am |
  11. J.V.Hodgson

    Finally, finally people are waking up to the fact that Romney tax cut arithmetic is flawed and is debt and deficit increasing. Obama presented it dead right in the debate. OK Mr. business man Romney when did you ever ask investors to put up money ( whatever the the amount $millions or $billions) without a very detailed and specific plan of how the ROI was achieved or pay for!!?. He is asking for your vote on a wing and prayer that he can pay for it !?
    You stand up Gov Romney in yesterdays debate and say how to pay for it will be debated in the House and Senate with some slight improvement in detail of the pay for side.
    The TPC the only independent agency to review your ideas ( with additional detail) says you cannot pay for it again without hurting middle class taxpayers... the lower the cap you propose ( on allowances) the more middle class are hurt by the increased taxes.
    Grow up y'all he is duping you. Start asking him how its all paid for just as Republicans did on every piece of legislation Obama proposed. no answer = no vote for Romney in my case.
    Remember also Obama has the same idea on a 20 % cut to corporate tax rates. However he says he'll pay for that by eliminating corporate tax loopholes and tax breaks Romney has no such pay for promise.
    Get real people instead of salivating over fictional $ coming from tax cuts that don't work to benefit middle class.
    Oh and then there is just the small matter of how he is going to pay for his $2 trillion over 10 years $200 bn pa, increase in defense spending he needs to go to war with Iran and Syria. This global boy scout will cost us money we cannot afford.

    October 18, 2012 06:06 am at 6:06 am |
  12. Gurgyl

    Mr. Binders, can you show this nation your TEN YEARS OF TAXES, please.

    October 18, 2012 07:05 am at 7:05 am |
  13. Indy

    There is no math that works for Romneys plan, but it does not matter to Republicans and they are used to telling a lie until their base believes and supports their lies and when it all crashes and burns they will blame democrats and the middle class and then make the middle class pay for the Republican mistakes, they have been doing this for decades.The Romney supporters dont care if Mitts tells the truth or not as long as they get in the Whitehouse and can start giving to the rich and stabbing the middle class in the back again all will be good for Republicans

    October 18, 2012 07:54 am at 7:54 am |