patrick.net

http://tpmdc.talkingpointsmemo.com/2012/10/mitt-romney-floats-17000-limit-on-tax-deductions.php?ref=fpnewsfeed

Let's say $17,000 cap for a middle-income family pulling in $150,000

State tax deduction ~$9000 leaves $8000 remaining

Say you've got a $500,000 valuation, that's $5000 in property taxes deduction, leaving $3000 under the Romney Cap. Aside from any charitable deductions, this $3000 MID deduction would be exhausted at a $75,000 principal balance (at 4%).

Ow, right in the 'nads. As a renter, I approve!

Under pressure to provide more details about his tax reform proposal, Mitt Romney floated an idea Tuesday to help fill a revenue hole in his plan. “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 healthcare deduction. And you can fill that bucket, if you will, that $17,000 bucket that way,” Romney told a Fox affiliate in Denver. “And higher income people might have a lower number.” In other words, cap the total amount individuals can benefit from tax...

#housing