Quote of the Day: Romney Still Not Making Sense on Taxes

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From Mitt Romney, explaining his tax plan:

So number one, [] 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.

Hold on. The top 5% will pay the same share of taxes they pay today. But that means the bottom 95% will also pay the same share they pay today. Right? That’s just arithmetic.

So everyone will pay the same share of taxes they pay today. But we’re going to lower taxes on the bottom 95%. So that means we have to lower taxes on the top 5% too. That’s the only way to keep their shares the same.

In other words, Romney is going to lower everyone’s taxes. Not just tax rates, actual taxes. And yet, his plan is going to be revenue neutral. How? Most likely it has something to do with Romney’s tax cuts creating new incentives that will supercharge the economy blah blah blah.

I guess believers gotta believe, but if you believe a word of this, you’re the kind of mark who’d still fall for the wire scam even after seeing The Sting a dozen times on late-night cable. You’ve got no one to blame but yourself.  After all, it’s been less than ten years since George W. Bush ran the same swindle, and we all remember how that panned out, don’t we?

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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