PALM BEACH, Fla. (CBSMiami) – Likely Republican presidential nominee Mitt Romney finally began revealing some of his plans for paying for massive tax cuts and naming which government agencies he plans to close if he wins the White House in November.
An NBC reporter overheard Romney revealing specifics about his plans during a closed-door fundraiser Sunday evening. Romney proposes an across-the-board 20 percent tax cut. That would cut the rate the wealthiest Americans paid down to approximately 15 percent.
Sunday, Romney said he would eliminate mortgage deductions for second homes and other loopholes and deductions used by the wealthy to pay for his tax cut and to keep the top earners paying the same tax burden they pay today, but nothing more.
Romney also was overheard saying he would also eliminate deductions for state income and property taxes as well. Romney contends his plan would keep the tax rates low but keep revenues up.
President Barack Obama contends the wealthier should pay a bigger percentage, especially millionaires and billionaires. He’s forcefully supported the so-called “Buffett Rule” that would force the rich to pay more of a fair share.
When it came to government agencies to close, Romney minced no words and said the Housing and Urban Development agency probably would be closed completely. Currently, HUD contains the Federal Housing Administration, Community Planning and Development, and a host of other agencies.
Romney also took aim at a favorite conservative target in the Department of Education. He stopped just short of saying he would eliminate the agency, but he said he would shrink it and possibly consolidate with another agency, thus ending it, according to NBC.
Romney also discussed a need for a Republican push for Hispanic voters and said his campaign will have to go beyond Fox News for media coverage. Romney said Fox is for “true believers,” according to NBC, but said he needed independents and women to win the White House.