Wednesday, September 07, 2011

Pathetic


Yesterday Mitt Romney announced his "59-step plan" to get the economy going again. It consists of – are you ready for his surprising, out-of-box thinking? – tax cuts and deregulation! Good God, have the Republicans had any new thoughts in the last 30 years? It's embarrassing.

Let's just leave aside for a minute the fact that George W.'s tax cuts were (and continue to be) a major player in the deficit and national debt, and that negligent regulation of the financial industry caused the 2008 financial crisis. Is this really all he's got?

Kevin Drum looks closer at Romney's "plan":
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.
In Romney's defense, most people who make $200,000 a year think they're middle income, and would be offended if he called them anything else.

1 comment:

Anonymous said...

If I'm stating the obvious, please excuse me. Why all this hysteria over taxing large inheritances? In the Ayn Rand model, each person is free to work to acquire their own millions. What does it say about our faith and confidence in the progeny of American millionaires, if we don't expect their children to work to earn their own fortunes?