Romney on Taxes: I'd Kill These Deductions

Having pretty much wrapped up the GOP nomination for president, but still months away from the party convention, Mitt Romney used his "spring break" for fundraising—pulling in a hefty $2 million in events yesterday alone, reports MSNBC. Yesterday afternoon, a reception at the $14 million home of investment company founder and former US ambassador to the Vatican Francis Rooney featured plenty of luxury cars, including Mercedes, Porsches, and at least one Maserati. Rooney gave the $2,500 limit to Romney's campaign last June, and his company has given a total of $1 million to two pro-Romney super PACs.

Romney used the event to began talking for the first time about tax deductions he's considering eliminating to balance his proposed 20% income tax cuts. He spoke behind closed doors at Rooney's place, but his speech was loud enough for reporters to hear on the sidewalk. On the chopping block would be mortgage interest deductions for second homes for high-income earners, along with the state income tax deduction and state property tax deduction. Romney said he also would save money by cutting budgets for the Department of Education, and the Department of Housing and Urban Development. HUD "might not be around later," Romney said, and the education department would be "a heck of a lot smaller." (More Mitt Romney stories.)