Mitt Romney revealed details of his tax plan at a private fundraiser, overheard by reporters on a public sidewalk outside. Romney has been silent on what deductions he would eliminate from the tax code, but on Sunday he told the group of donors they included the mortgage-interest deduction for second homes for wealthy Americans. Romney added that he would 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,” Romney said. “The nice thing about lower rates is that small businesses not get to keep a larger share of what they’re earning and plow it back in to hire more people and expand their business.”
