October 21, 2012

WALL STREET JOURNAL: Romney’s Tax Deduction Cap: Good Economics, Better Politics. “The Obama campaign and the press corps keep demanding that Mitt Romney specify which tax deductions he’d eliminate, but the Republican has already proposed more tax-reform specificity than any candidate in memory. To wit, he’s proposed a dollar limit on deductions for each tax filer…. The idea may be even better politically. The historic challenge for tax reformers is defeating the most powerful lobbies in Washington that exist to preserve their special tax privileges. … This is one reason President Obama wants Mr. Romney to be more specific: The minute he proposed to limit the mortgage-interest deduction, the housing lobby would do the Obama campaign’s bidding by running ads against Mr. Romney’s plan. Mr. Romney is right not to fall for this sucker play. By limiting the amount of deductions that any individual tax filer can take, Mr. Romney is avoiding this lobby-by-lobby warfare.”

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