Reports: Romney reveals potential tax deduction and spending cuts at fundraiser

Getty Images/Scott Olson

Updated at 12:38 p.m. ET

(CBS News) Presumptive Republican presidential nominee Mitt Romney hasn't publicly revealed how he would pay for his proposed tax cuts, but in a private event Sunday, the candidate named some government agencies he'd consider significantly scaling back, along with some tax deductions he may eliminate, according to reports.

Romney spoke with high-level donors at a backyard event in Palm Beach, Fla., on Sunday evening. The event was closed to the media, but reporters from the Wall Street Journal and NBC managed to hear Romney's remarks from a public sidewalk.

According to both news sources, Romney said he would consider making the Department of Education a "heck of a lot smaller," though he said he would not eliminate the department completely. According to NBC, Romney said the department could help the federal government push back against teachers' unions.

Romney also said he would consider making substantial cuts at the Department of Housing and Urban Development. The former governor reportedly noted that his father, George Romney, once ran the agency, but that it "might not be around later."

Romney also reportedly said he would probably eliminate the second-home mortgage deduction for high-income earners, as well as deductions for state income taxes and state property taxes.

While the suggestions Romney made don't represent any official policy proposals, they offer insight into how the candidate could pay for the broad tax cuts he's proposed, which include an across-the-board 20 percent reduction in marginal, individual income tax rates. Without giving details, Romney has said he he would offset revenue lost by the tax cuts by eliminating deductions and loopholes.

In response to the reports of Romney's remarks, his campaign said it's necessary to discuss ideas to tackle issues like unemployment and rising gas prices -- problems that have gotten worse under President Obama's leadership.

"While President Obama is interested only in offering excuses and blaming others for his failures, Governor Romney is discussing some of the ideas he has to tackle the big issues facing America," Romney spokesperson Andrea Saul said in a statement to CBS News. "Governor Romney has also laid out a bold set of policy proposals that will grow our economy, cut spending, and get our massive debt under control."

On a conference call with reporters later, the Romney campaign stressed the candidate wasn't making any policy announcements. Former Missouri senator Jim Talent pointed out that Romney last year put out a 59-point plan for the economy that "people were making it fun of it because they said it was too detailed." He added: "When a person has proposed as many detailed things as he has and has talked about as many issues as he has -- on the record -- you know he's entitled to focus on the ideas he's actually proposed."

In response to Romney's remarks, Obama campaign spokesman said in a statement today that Romney's skewed priorities have been revealed. "In order to fund his $5 trillion tax cuts for the wealthiest Americans, he would make deep cuts in programs essential to the middle class like education and housing," he said.

According to the reports, Romney also told his donors that Republicans need to do more to woo Latino voters, such as supporting policies like a GOP version of the Dream Act, which would give young, undocumented immigrants a way to stay and work in the country legally.

Romney's wife Ann Romney also reportedly spoke at the event, calling the recent criticism of her work as a stay-at-home mom an "early birthday present." Ann Romney turns 63 years old today.

[nancy_naive]

"Oh, I may do this, or I may do that, but really I'm just waiting until someone explains it all to me based on who I will upset the least."

Shake the Etch-a-Sketch!

[davidd5063]

A summary of GOP economic policies. First we take the social safty net, raise taxes on working people a little, give ourselves a huge tax break. Then we wait a little while, say oh my what huge deficits, let's take your Medicare contributions, raise taxes on working people a little more, give ourselves a huge tax break. Rinse and repeat.

[davidd5063]

Wow, "potential tax deduction cuts" - the GOP communications major that came up with that way of spinning a MIDDLE-CLASS TAX INCREASE deserves this week's "Fox and Friends" award for that one.

[A_Canadian_Opinion]

It's clear that Romney is a man with no plan, other than to scratch White House resident off his bucket list!

[JHS]

George Romney was a much more compassionate man than is his son, and would be ashamed of his son now. George would have wanted Mitt to remain a moderate, regardless of the consequences in the Republican primaries. Mitt has betrayed his heritage and his own values in order to win the nomination. He has in fact done anything and everything necessary to win the nomination, shedding his values, his civility, his honesty, his fear of God, and every other character trait that would have prevented him from crushing his competition. I dislike Barack Obama, but I loathe the slimy Mitt Romney; I choose a man I dislike over a thing I loathe.

[sjc_1]

Social Security, Medicare and Defense is 60% of the budget. Pensions, interest and social services 30%, the remaining 10% goes to EVERYTHING else the government does.

Mitt trimming HUD will amount to nothing. Anyone that knows anything about the federal budget knows that trimming here and there on departments is nothing compared to letting the Bush tax cuts expire. ($300 billion per year)

[occupy_cbs]

Are the Bush Tax Cuts the Root of Our Fiscal Problem?

The Congressional Budget Office expects revenue to be just 14.8 percent of G.D.P. this year; the last year it was lower was 1950, when revenue amounted to 14.4 percent of G.D.P.

It would have been one thing if the Bush tax cuts had at least bought the country a higher rate of economic growth, even temporarily. They did not.

According to a recent C.B.O. report, they reduced revenue by at least $2.9 trillion below what it otherwise would have been between 2001 and 2011. Slower-than-expected growth reduced revenue by another $3.5 trillion.

http://economix.blogs.nytimes.com/2011/07/26/are-the-bush-tax-cuts-the-root-of-our-fiscal-problem/

-----

So in other words, the bush tax cuts cost us $6.4 Trillion in reduced revenue from 2001 to 2011, or $640 Billion per year over the past decade -- more than twice your estimate!

[davidd5063]

Thank you occupy_cbs. It's about time people started looking at the FACTS instead of blaming those of us who have been telling them all along the GOP is NOT your friend, unless you DO NOT work for a living.

[TimeToEvolve]

The Top 1% starting with Reagan have gamed the system and the government to start a Class War (Remember Reagan's War on Workers and War on the Middle Class?).

But now they have pushed too far and it is time to take people like Robmee down and dismantle their power. Thus the launch of the American 99% Spring last week. Join it or shut up and take it.

[TimeToEvolve]

Robmee has the perfect solution to keep us in the recession. Spending cuts except for the complete waste of money on the Department of War.

A human being with half a brain knows that it is the poor and middle class that run the economy. Yes the consumers ARE THE JOB CREATORS, not the Top 1%.

[occupy_cbs]

Dan1623: "Tricare is going to double. They are doing away with the current system. The Defense budget is being slashed"




Quite a knee-jerk response from danny boy, since the defense budget is not being slashed -- although it should be cut in half to save us $650 Billion per year!

As far as your whining about TRICARE costs, in the last 10 years, health care costs for the Department of Defense have increased dramatically, climbing from $19 billion in 2001 to almost $53 billion in 2011. Part of the problem is that while the cost of medical care has more than doubled in the last 15 years, TRICARE fees and deductibles have only increased by 20 to 30 percent.

In an effort to bring spending under control, Defense Department officials have created a plan to increase the cost of coverage to a level more comparable with medical inflation.

And whiners like danny boy are upset with a small increase in his subsidized health care costs, and wants the American taxpayer to foot more of his costs, while he continues to want other Americans to be completely cut from Medicare!

You're a piece of work -- nothing but a socialized neoliberal republican!

[occupy_cbs]

BTW danny boy, it appears that your "doubling" of TRICARE is sheer nonsense, since it will be going from $520 for FAMILY CARE,and will increase to between $600 and $820 based on the amount of retirement income. I think you had better take a remedial mathematics course if you think that is "doubling," or if you think we should pay more for your family's health!

What a socialist that neoliberal republican danny boy is!

[occupy_cbs]

Dan1623: "Our Corporate taxes are the highest in the WORLD."




Yes, on paper they are 35%, but just like the individual top marginal rate of 35%, nobody or no corporations EVER pay that amount!

Case in point: willard mittens romney pays about 13% on 22 million!

Case in point: most multi-national corporations pay little or no taxes, on billions or tens of billions in U.S. profits every year!


Get real danny boy, and stop spewing the usual dittohead propaganda!

[76SpiritOf]

I guess Danny forgot that many of the big multinational companies do not pay any income taxes on billions in profits.

Another omission is the 20 billion big oil gets in federal subsidies. Based on your comments you are opposed to socialism. So where are you buying gasoline? I hope its not from a Socialistic big oil company.