Take my deductions -- PLEASE!
October 2, 2012 11:05 AM Subscribe
Does Romney want to remove deductions for 401k to help pay for his 20% "across the board" tax cut?
posted by bionic.junkie to Law & Government (9 answers total) 2 users marked this as a favorite
I know that the Romney campaign has been vague about which "loopholes" that they want to close, but Romney's economic advisor, Kevin Hassett, seems to have clear ideas about what those are and has voiced them (at least prior to coming aboard team Romney). Along with getting rid of mortgage interest deductions, he (Hassett) also wants to remove 401k deductions. What I'm confused about is does he mean that he doesn't want them to be tax deferred any longer, or that he doesn't want the deductions to be pre-tax, or both, or is there something else I'm missing?
I've already made my decision about Romney, but Mrs. Junkie is still sorting through the candidates positions and I want make sure she has the correct information to help make her decision.