Quote of the Century: Mitt Romney on the Middle Class

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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.

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THE BIG PICTURE

You expect the big picture, and it's our job at Mother Jones to give it to you. And right now, so many of the troubles we face are the making not of a virus, but of the quest for profit, political or economic (and not just from the man in the White House who could have offered leadership and comfort but instead gave us bleach).

In "News Is Just Like Waste Management," we unpack what the coronavirus crisis has meant for journalism, including Mother Jones’, and how we can rise to the challenge. If you're able to, this is a critical moment to support our nonprofit journalism with a donation: We've scoured our budget and made the cuts we can without impairing our mission, and we hope to raise $400,000 from our community of online readers to help keep our big reporting projects going because this extraordinary pandemic-plus-election year is no time to pull back.

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