The Republican candidate’s latest scheme for decimating arts and charities was given a bumbling introduction during his third debate with President earlier this week. Here’s how Governor Romney laid it out:
In terms of bringing down deductions, one way of doing that would be to say everybody gets—I’ll pick a number—$25,000 of deductions and credits. And you can decide which ones to use, your home mortgage interest deduction, charity, child tax credit and so forth. You can use those as part of filling that bucket, if you will, of deductions. But your (tax) rate comes down, and the burden also comes down on you.
We’ve heard those words before. They were in George Osborne’s UK budget statement earlier this year – a proposal to limit annual tax relief on charitable gifts. Oddly enough, the figure plucked by Osborne was also 25 – in his case, 25 percent of earned income.
Huge sections of the nation – churches, arts, the philanthropic sector, the super-rich – rose up against the measure in the greatest show of national unity since the Blitz. George Osborne was forced to eat his words. The measure effectively destroyed his support base, along with his hopes to succeed David Cameron as Tory leader.
Odd that Mitt stole George’s idea, and ignored the political consequences.