The Real Deal New York

Romney suggests cutting mortgage interest deduction

October 03, 2012 10:00AM

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.

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

  • Piedaterre

    How is this supposed to help the economy? I do hope that REBNY, NAR, etc. speak out about how damaging this would be. Bottom line, Romney/Ryan have no idea how the economy really works.

  • Harlemite

    If Romney has “no idea how the economy really works” then how did he make so much more money navigating it than most everyone else does?