Posted by | October 3, 2012 19:48 | Filed under: Top Stories

Submitted by Mr. Right

Just before the first presidential debate, Mitt Romney is suggesting people should be able to fill a “bucket’ with their own deductions, up to $17,000.

“As an option you could say everybody’s going to get up to a $17,000 deduction; and you could use your charitable deduction, your home mortgage deduction, or others — your health care deduction, and you can fill that bucket, if you will, that $17,000 bucket that way,” Romney said.

He added: “Higher income people might have a lower number.”

A Romney campaign aide later said that the $17,000 cap could change, adding that Romney was only citing a number he had likely heard as part of congressional discussions. The aide also said the tax rate cut could be offset by putting a dollar cap on personal exemptions and reducing health care tax preferences.

 Romney’s tax cuts could cost $1.7 trillion over ten years.