Friday, September 14, 2012

Romney Gets Middle Class Income Wrong


Oh, Mitt Romney ~ how ignorant you are! And you certainly aren't trying to get educated about the Middle Class. That's too bad because you are clearly out of touch with most Americans.

ABC News Complete Transcript: George Stephanopoulos Interviews Romney

MITT ROMNEY: Well, I said that there are five different studies that point out that we can get to a balanced budget without raising taxes on middle income people. Let me tell you, George, the fundamentals of my tax policy are these. Number one, reduce tax burdens on middle-income people. So no one can say my plan is going to raise taxes on middle-income people, because principle number one is keep the burden down on middle-income taxpayers.

GEORGE STEPHANOPOULOS: Is $100,000 middle income?

MITT ROMNEY: No, middle income is $200,000 to $250,000 and less.
So number one, don’t reduce– or excuse me, don’t raise taxes on middle-income people, lower them. Number two, don’t reduce the share of taxes paid by the wealthiest. The top 5% will still pay the same share of taxes they pay today. That’s principle one, principle two. Principle three is create incentives for growth, make it easier for businesses to start and to add jobs. And finally, simplify the code, make it easier for people to pay their taxes than the way they have to now.

But Romney's figures are skewed towards the high side of income for the vast majority of Americans, as Jillian Rayfield points out on Salon::
Obama has said in the past that he’ll cut taxes for middle-class families making $250,000 and less per year, but the way Romney put it certainly doesn’t help the narrative that he’s out of touch with the middle class.
According to the Census Bureau, the current median household income in the U.S. is slightly over $50,000.

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