Letter to the Editor:
If elected, the tax loophole the Rommney/Ryan ticket are likely to eliminate is the home mortgage interest deduction. Prior to their convention, the GOP took the mortgage interest deduction off the protected list of tax deductions to give Romney/Ryan the flexibilty of limiting or eliminating this tax deduction. The mortgage interest deduction is the nation’s largest tax benefit, and represents $90 billion per year to the millions of middle class homeowners who claim this deduction.
The mortgage interest deduction serves little to no purpose to the rich (Romney and others like him) as their homes are likely paid for or could be paid off at any time. The reduction of the tax rates would benefit the rich, but may or may not benefit the middle class, who may end up paying more taxes than when they had the mortgage deduction and higher rates.
If the tax changes made by the Romney/Ryan team are revenue neutral as they claim then the middle class will pay more taxes as a whole to make up for the taxes not paid by the rich.
The devil is in the details which is why Romney will not disclose which tax loopholes he will eliminate. I am a retired IRS agent and I understand the smoke and mirrors being played on the middle class by Romney and the GOP, and I approve this message.