Now, some of you may be asking when Romney said that. It was tonight, in the debate. On multiple occasions during the debate, but never clearer than here:
The top 5 percent will continue to pay 60 percent, as they do today. I'm not looking to cut taxes for wealthy people. I am looking to cut taxes for middle-income people.
When I do the math, it's simple:
- Rich people will continue to pay 60% of all Federal Income tax
- Middle class people will pay reduced income taxes (For arguments sake, let's say the middle class share is cut by 5%).
- Therefore, other people than the rich will have to accept the tax burden cut from the middle class.
Being brilliant (OK, competent then) in basic mathematics, if A (the rich) + B (the middle class) + C (the poor) = 100, then the formula becomes A + (B - 5) + (C + 5) = 100 after Romney's tax changes take effect.
This is the big hidden news from the debate - Romney finally says that yes, I will raise taxes on the poor.
Either that, or he finally says "Hi. I'm full of sh!t".
Take your pick.