I’m going to limit the deductions and exemptions particularly for high income folks. And by the way, I want to make sure that you understand, for middle income families, the deductibility of home mortgage interest and charitable contributions, those things will continue, but for high income folks, we are going to cut back on that so we make sure the top 1% keeps paying, paying the current share they’re paying or more. We want Middle income americans to be the place we focus our help, because its middle income americans that have been hurt by this Obama economy.
For comparison, the Tax Policy Center estimates that Romney’s current tax plan cuts taxes on the top one percent by $82,000. We’ll see whether his new plan matches his rhetoric soon enough.