GEORGE STEPHANOPOULOS: Is $100,000 middle income?
MITT ROMNEY: No, middle income is $200,000 to $250,000 and less.
Maybe $200,000-$250,000 is middle income in Mitt Romney’s world, but it’s a tad higher than the middle when measured against most of America.
In fact, $200,000-$250,000 is in the top 2%-3%.
“Middle income” these days, at least measured by percentage of incomes, is something between $30,000 and $100,000.
And maybe what Romney meant is the that $200,000-$250,000 can feel like middle income. And that’s certainly true, especially in some parts of the country.
The good news is that Mitt Romney says he doesn’t want to raise taxes on those folks. In fact, he says he wants to cut them:
No, middle income is $200,000 to $250,000 and less. So number one, don’t reduce– or excuse me, 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. That’s principle one, principle two. Principle three is create incentives for growth, make it easier for businesses to start and to add jobs. And finally, simplify the code, make it easier for people to pay their taxes than the way they have to now.
Anyway, here’s hoping that more of the country soon makes it to the middle! The economy will be a heck of a lot better off.
UPDATE: Interesting! Turns out Obama has said something quite similar. Politics editor Brett LoGiurato passes on this White House infographic showing the President’s tax plan. It says “Lower tax rates on the first $250,000 of income, affecting 114 million middle class families.” So there you have it. Maybe $250,000 is middle class!
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