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.
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"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 loopholes.
But while some tax policy experts like the idea in principle it suffers from at least one big political problem: though it would hit high net-worth people hardest, it would still require raising taxes on some middle class Americans to cover the cost of his proposal to cut everyone's tax rates by 20 percent.