From Mitt Romney, explaining step 3 of his 59-step plan to get to get America back to work:
You know, of course, Greta, who has been most hurt by the Obama economy. And it’s people in middle incomes. And so what I want to do is lower taxes for middle-income Americans. And so I will remove, for middle-income Americans, people earning under $200,000 a year, any tax on interest, dividends or capital gains. Let people save their money and use their money as they feel best with education, with their future, planning for retirement. Look, we’ve got to reduce the burden on middle-income Americans. They’re just — they’re just struggling right now.
I’m not sure which is more breathtaking: Romney’s suggestion that someone earning $200,000 is “middle income,” or his implication that actual middle-income Americans have more than a minuscule amount of investment income in the first place.
For the record, in 2004 the Tax Policy Center estimated that a median earner would save a whopping $70 if taxes on interest, dividends, and capital gains were eliminated completely. That’s right: $70. Seven zero.
Of course, Romney has paired up this proposal with another one to eliminate the estate tax completely, which would save median earners zero dollars but save the super rich millions. The cynicism here is almost off the charts.