Romney’s Newest Tax Deception

Posted by Bob Lord [Cross Posted at Daily Kos]

Romney wants everyone to believe he does not intend to cut taxes on the wealthy, but he's being very careful not to say exactly that. What he said last night, consistent with but more specific than his words in the first debate, was that he "would not reduce the percentage of the income taxes, 60%, paid by the top 5% of taxpayers."

This is deceptive in two ways. First, there is a lot of room in that top 5%. The bottom of it is in the low 6 figures of income, while the top is in the billions. What Romney's plan does is stick it to those in the lower part of that top 5%, while showering cuts on those at the very top. So, as a group, the top 5% may not fare that well, but Romney still is going to reward guys like him.

Second, each year in this no longer egalitarian society of ours, a greater percentage of total income goes to the top 5%. So, you can cut the tax rate of those in the top 5% relative to the rest of us, without reducing their share of the total tax burden. If the share of total income going to the top 5% goes from say 40% to 50%, you can cut their effective rate by 20% while leaving everyone else's rate the same, and still not break Romney's pledge.

This ties in to what John Kerry said this morning on Morning Joe, which AzBlueMeanie posted on earier today. Romney's plan is a fraud on the American public, and should be depicted as such.