Associated Press
POSTED: 04:09 a.m. HST, Sep 14, 2012
LAST UPDATED: 10:28 a.m. HST, Sep 14, 2012
BOSTON >> Mitt Romney is promising to reduce taxes on middle-income Americans.
But how does he define "middle-income"? The Republican presidential nominee defined it today as income of $200,000 to $250,000 a year and less.
The definition of "middle income" or the "middle class" is politically charged as Romney and President Barack Obama fight to win over working-class voters. Romney would be among the wealthiest presidents, if elected, and Democrats have repeatedly painted him as out of touch with average people.
Obama also has set his definition for "middle class" as families with income of up to $250,000 a year.
Romney's comments came an interview broadcast Friday on ABC's "Good Morning America."
"No one can say my plan is going to raise taxes on middle-income people, because principle number one is (to) keep the burden down on middle-income taxpayers," Romney told host George Stephanopoulos.
"Is $100,000 middle income?" Stephanopoulos asked.
"No, middle income is $200,000 to $250,000 and less," Romney responded.
His campaign later clarified that Romney was referencing household income, not individual income.
The Census Bureau reported this week that the median household income — the midpoint for the nation — is just over $50,000.
Obama wants to extend Bush-era tax cuts for those making less than $250,000, while Romney wants to extend the tax cuts for everyone.
Romney has not explained how he would keep his plan from growing the nation's deficit.
By 1970, 19,000 taxpayers owed an AMT. The number of taxpayers subject to the AMT increased from about 1.8 million in 2001 to over 41 million by 2013.
This is called tax 'creep' or bracket 'creep'.
The reason Obama seemed to arbitrarily pick $250,000 as the definition of a taxing the "wealthy" is to coincide with paying for ObamaCare in 10 to 20 years. The costs of ObamaCare is 'back loaded' meaning the real costs were pushed back so that when $250,000 becomes the average household income through inflation, the tax will hit more and more people to pay for the exorbitant costs of ObamaCare. Sneaky huh?
That's why like the rail and HART, ObamaCare needs to be repealed. Too expensive. People need heath care not health insurance. There are better ways to care for people with pre-existing conditions. Insuring the uninsurable is not insurance. It is welfare.
By the way, why wouldn't Obama or Punahou release his transcripts to prove to the world that he deserved his "Scholarship"? I'll tell you why, Obama is an Affirmative Action President, unprepared and undeserving of opportunities never earned!
Finally, listen to an expert on Communism, "The goal of socialism is communism." - Vladimir Lenin
With so many commie influences, can you honestly say Obama is a fan of Capitalism? He knows more about Islam than is does about Capitalism in America.