Romney Suggests Tax Break for Most, Possibly $17,000

PHOTO: Republican presidential candidate, Mitt Romney speaks at a campaign event at the Wings Over the Rockies Air and Space Museum, Oct. 1, 2012, in Denver.
Share
Copy

On the eve of his first debate with President Obama, Mitt Romney indicated that he was considering a uniform deduction for most tax payers – $17,000 was the figure mentioned – as a way to pay for his proposed reform, which includes $5 trillion in across-the-board cuts.

Romney also appeared to shift slightly on the issue of illegal immigration, saying he would honor two year visas issued by President Obama this summer for students who arrived here illegally as children.

Tune in to ABCNews.com on Wednesday for livestreaming coverage of the first 2012 Presidential Debate from Denver, Colo. Coverage kicks off with ABC News' live preview show at noon, and full debate coverage begins at 8 p.m.

The Republican made cautious forays into the two hot-button issues as he arrived in Denver for Wednesday night's face-off with Obama. He has been pressed by opponents, as well as many inside his own party, to provide more details about his economic plan.

Romney has argued he can still cut the deficit, even while slashing tax rates by 20 percent, if certain loopholes are closed. A simpler code, he contends, with fewer available deductions, would mean more people paying and a larger revenue base – more than enough to offset the cost of the plan.

But when confronted and asked for specifics – which loopholes, in particular – both Romney and Ryan have demurred, telling interviewers that they'd negotiate those details with Congress after the election.

Romney hinted Monday night, with a bit more detail, at how he'd manage the tax code.

"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," he said during a visit with Denver's FOX31. "And higher income people might have a lower number."

The Obama campaign was unimpressed. "Romney still refuses to be straight with the American people. While he promised to pay for his $5 trillion tax cut plan that's skewed toward millionaires and billionaires by closing tax loopholes for the wealthiest Americans, independent analysts have shown that his plan can only be paid for by eliminating deductions that middle class families rely on, like the mortgage interest deduction," spokeswoman Lis Smith said.

Romney has also made an appeal to Latino voters, a significant segment of the Colorado electorate, by telling The Denver Post that he would not revoke the temporary work permits for young illegal immigrants that President Obama signed off on with an executive order during the summer.

Read ABC's Morning Political Analysis at "The Note"

"The people who have received the special visa that the president has put in place, which is a two-year visa, should expect that the visa would continue to be valid," Romney said. "I'm not going to take something that they've purchased."

It was a subtle pivot by Romney, who has openly opposed the decision and derided Obama for bypassing Congress and enacting the plan with a swipe of his pen. Romney has also promised to veto the DREAM Act, a piece of draft legislation that would provide a path to citizenship for young people who entered the country illegally with their parents, provided they met certain educational requirements or joined the military.

Page
  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...