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New York

Romney suggests cutting mortgage interest deduction

Gov. Mitt Romney
Gov. Mitt Romney

Republican presidential nominee Mitt Romney suggested cutting the mortgage interest tax deductions yesterday, on the eve of the first debate between Romney and President Barack Obama.

The suggested cut is part of his plan to cut taxes across the board by 20 percent, but Romney, the former governor of Massachusetts, and running mate Paul Ryan have shied away from giving details on which deductions they would eliminate in order to cut taxes so significantly.

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Speaking to Denver TV station DKVR, Romney said, “As an option you could say everybody’s going to get up to a $17,000 deduction. And you could use your charitable deduction, your home mortgage deduction, or others — your health care deduction, and you can fill that bucket, if you will, that $17,000 bucket that way. And higher income people might have a lower number.”

Romney also suggested cutting the healthcare tax deduction. [Newsday] — Jane C. Timm

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