Romney Admits His Plan Would Only Cut $167 for Middle Class
Republican presidential candidate said Sunday that his "intent in running for president is to help middle-income Americans," but admitted that he would only give them a $167 tax cut.
Fox News host Chris Wallace asked Romney why his plan didn't cut tax rates for the richest Americans from 35 percent to 15 percent or less like his fellow Republicans wanted to do.
"I would love to see a tax system which brings down rates [for everyone]," Romney explained. "I'll work on a plan of that nature. The plans that I have seen so far that have been put forward of that nature have represented dramatic reductions in tax for the very highest income people."
He added: "And I'm not looking to dramatically reduce taxes for the wealthiest in our society, not that there's anything wrong with being wealthy. I'm pleased to have done very well myself. You understand that, others do. My intent in running for president is to help middle-income Americans."
"Your plan that would eliminate the tax on capital gains and dividends doesn't help [the middle class]," Wallace noted. "A recent study showed that a family making $75,00 a year -- in terms of what they would receive by eliminating capital gains and dividends -- $167, sir."
"Well first of all, $167 is not zero," Romney declared. "And number two, one of the reasons people don't save their money is that they don't see an incentive to do so. ... Look, I recognize it's not a huge tax cut. It is a tax reduction that allows middle-income folks to participate in making a brighter future for themselves and saving."
In October and again in December, the GOP hopeful called a payroll tax cut of $1,000 to $1,500 for middle-class Americans just "a little Band-Aid."
I used to drop that at a strip club on a Friday night, week in, week out. Nowadays, I don't have that kind of money for food each month.
Thanks for nothing, dirtbag.
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
slow it down somewat my friend. Heh, heh!
Nothing like that for a couple of years.
Hope you're feeling better.
"Parachutes are allowed in checked or carry-on baggage, but may not be worn in flight."
---Southwest Airlines
...It's just a happy coincidence.
Divide that by twelve and you can get about $16 dollars a month. Gee, maybe you can see one movie a month? Big of him.
Why put aside money? Banks pay no interest and they charge all sorts of fees if you have an account. We are not all so lucky to have the money Romney has. Middle class capital gains used to be on the sale of their homes but if you paid more than the house is now worth the middle class doesn't have to worry about that either.
Once again, big of him.
Do these idiots not know how economics works? Oh, that's right, he made a lot of money by putting people out of work by closing companies. That is why he is better equipped to run the economy than the President.
I mistyped. Not quite $14 dollars a month. Sorry.
The median family income for the lower 90% is about $40,000.
So for anyone to be talking about tax cuts for the middle class is obscene.
The ONLY changes to the tax code that make any sense is jacking up the rate on the upper 10%.
But in and of itself changes in the tax code are NOT going to fix our broken economy.
We need to change our priorities - wars and profits OR peace and sustainability.
The Dems have sought cover behind the Republican "tax cut" meme - sponsoring the payroll tax cut.
It temporarily helps those who pay taxes but doesn't address the underlying problems.
Democracy is too important to be entrusted to politicians.
Rise Up!
Protest!
I agree.
"If the US government enforced its banking laws like it did its park regulations, we wouldn't be
in this damn park in the first place." OCCUPY.!!
"And number two, one of the reasons people don't save their money is that they don't see an incentive to do so. ... "
Wrong. The main reason people don't save their money is they don't make enough to save. Believe it or not, Willard, most people aren't corporate CEOs. They haven't done well in our trickle-down economy since Ronald Reagan (and Grover Norquist) came along. Those wealthy "job creators" have pocketed the gains for themselves.
You dumbass, who do you think you'll convince with this "logic." Even working-class Republicans can see that their paychecks--if they even have one anymore--haven't kept pace with the cost of living.
Without even looking at the article, yet, I think what Americans need is decent-paying jobs, not tax cuts. If people have good jobs, the rest takes care of itself.
I guess what I'm saying is they have endless talk about taxes (tax cuts) but it should be about JOBS. Decent jobs. Jobs that pay above minimum wage.
(And it goes without saying, end the damn bu$h tax cuts for thr wealthiest.)
"If the US government enforced its banking laws like it did its park regulations, we wouldn't be
in this damn park in the first place." OCCUPY.!!
And continuing to cut taxes does nothing to solve this problem. It does, however, throw a lot of public-sector employees out of work.
This may be a great thing to people like Norquist and Romney, who've never done a day's work in their lives (and who feed off of the government they themselves want to "drown in the bathtub"), but all it really does is further compromise an already anemic economy. Who's going to buy Chinese-made shit at Wal-Mart and Target if they have no job to begin with?
"ne of the reasons people don't save their money is that they don't see an incentive to do so. ."
What a jerk. Typical rich man. People don't save money because we are using that money to pay our bills and buy things with cash so we don't have more bills.
I would love to have a health savings account. But I don't like bills so i am paying them off, watching what I buy and hoping for the best,
These republicans are arrogant son of a guns, aren't they?
Diane
He wants a $175 tax break for people who make 3 times the median income and 30% more than the mean.
He actually thinks that 75K is the income of the "middle" class when the "middle" of the working population earns just over 24K.
That 24K is the income of a lot of the red necks that he will need to vote for him.
Maybe he thinks middle class means income half way between zero income and a couple of billion.
Romney's number crunching power seems ridiculously small.
Perhaps most of the computation cycles in his cyberdyne chips are dedicated to maintain balance during bipedal locomotion and schedule proper blinking sequences to emulate human behavior.
It seems the patch they just released for iRomney 2 models still has plenty of bugs. Republicans may have to sit this one out and wait for the iRomney 3 for 2015, which should be a complete redesign.
CTHULHU 2012 "Why vote for a lesser evil?"
Except that the humor chip will be deleted since Romney and humor are a non sequitur. The cruelty and insensitvity chip's memory will be doubled to make him absolutely bereft of any humanity:
http://www.youtube.com/watch?v=VOojNWQe0DI&fe...
"We will find fulfillment not in the goods that we have, but in the good we can do for each other."
Robert F. Kennedy
just make the boom and bust cycle worse. Most of what is called capital gains does not come from actual gains in profits from business. Most of the gain comes from speculation, the bidding up of the price of stocks and other limited commodities. Cutting the capital gains tax rate will only increase the amount of speculation, which will make the boom and bust cycles worst. The booms will be higher and the bust will be deeper and worse. What they should be doing is doing the opposite. They should make the capital gains tax rate higher than the income tax rate. And they should make it even higher for short term gains. something needs to be done to reduce speculation.
It is a tax reduction that allows middle-income folks to participate in making a brighter future for themselves and saving.
Ummmm, and how exactly does $167/year do that?
~ Harry R. Sohl
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