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2012 State of the Union / HEALTH CARE

Romney Would Lose Deduction Under Obama Plan

January 24, 2012

Republican presidential candidate Mitt Romney would lose a $14,000-a-year deduction under President Obama’s new blueprint laid out in his State of the Union address Tuesday night.

Romney released his 2010 taxes earlier Tuesday and they included a $14,000 deduction for health insurance premiums – something the President promised to take away from multi-millionaires like Romney.

 In 2010, according to his newly released tax returns, the former Massachusetts governor and venture capitalist earned $21.6 million in income from a mix of carried interest, capital gains, and dividends.

 

"As part of his effort to reform inefficient and unfair tax breaks, the President is proposing to eliminate tax subsidies for millionaires that they do not need,” the White House said in a statement. “There is no reason that those making over $1 million per year should get any tax subsidies for housing, health care, retirement and child care.”

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