Regarding Romney's trial balloon about limiting deductions
It just doesn't fly for me because besides the mortgage deduction, one of the largest deductions for "the rich" is generally for charitable contributions. Generous contributions are often made with the idea that there will be a nice tax break and now Romney wants to largely eliminate that for "the rich?" Sorry but that's not my idea of how to raise revenues. As I have mentioned on a few occasions on this board, Romney really said little in that debate that would excite anyone. Besides, something like limiting deductions sounds like much more of something that Democrats would favor instead of Republicans. Regardless of what Romney might want, few Congressional Republicans would go along with the idea of materially cutting deductions when charities would be very adversely affected.
He is hardly anyone to listen to about anything. Romney did not say he would favor a limit on deductions. He said it could be considered. Obviously, limiting deductions to charity would cause a huge increase in Romney's tax bill. That he is willing to consider a measure that would raise his tax liability a huge amount says a lot about his character.