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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Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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