Source: Think Progress
Pat Garofalo on Think Progress explains that while Willard (“Mitt”) Romney accuses President Obama of believing in redistribution (pointing to a selectively-edited audio clip from an October 1998 conference at Loyola University, when Obama was an Illinois state senator), Romney is the candidate who actually proposes to redistribute wealth, even though he denied it today:
“There’s a tape that came out just a couple of days ago where the president said yes he believes in redistribution. I don’t. I believe the way to lift people and help people have higher incomes is not to take from some and give to others but to create wealth for all.”
According to a Tax Policy Center analysis (PDF), Romney’s plan would increase after-tax income for those making more than $200,000 annually, while reducing it for everyone else.
The upshot of Romney’s plan is that “taxpayers with incomes over $1 million would see their after-tax income increased by 8.3 percent (an average tax cut of about $175,000), taxpayers with incomes between $75,000 and $100,000 would see somewhat smaller increases of about 2.4 percent (an average tax cut of $1,800), while the after-tax income of taxpayers earning less than $30,000 would actually decrease by about 0.9 percent (an average tax increase of about $130).”
The number one economic challenge in America is growing income inequality, and a shrinking middle class. Median household income dropped 1.5 percent and the gap between the wealthiest Americans and those in the middle grew in 2011, according to Census data. Romney wants to make this problem worse.
UPDATE: Peggy Noonan: “It’s time to admit the Romney campaign is an incompetent one. It’s not big, it’s not brave, it’s not thoughtfully tackling great issues. It’s always been too small for the moment.” Anonymous GOP strategist (Mark McKinnon?): “[T]hey have the stench of a losing campaign… There are cascading controversies and problems and they’re drowning out any positive message Romney wants to put out there and any ability for Romney to do a sustained attack on Obama.”
UPDATE: 8 Very Bad Things That Happened to Mitt Romney…Just This Morning. The Romney campaign is having another extremely bad day.
UPDATE: More fallout: Scott Brown Won’t Say If He Still Supports Romney’s Candidacy.