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ROMNEY: 'Middle Income Is $200,000 To $250,000 And Less
Business Insider ^ | 09/15/2012 | Henry Blodget

Posted on 09/15/2012 7:27:47 AM PDT by SeekAndFind

An interesting quote from Mitt Romney in an interview with ABC's George Stephanopoulos:

GEORGE STEPHANOPOULOS: Is $100,000 middle income?

MITT ROMNEY: No, middle income is $200,000 to $250,000 and less.

Hmmm.

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.

But...

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.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: middleclass; middleincome; romney

1 posted on 09/15/2012 7:27:51 AM PDT by SeekAndFind
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To: SeekAndFind

It’s a spending problem not a revenue problem


2 posted on 09/15/2012 7:29:42 AM PDT by al baby (“If Barack Obama has a Harvard law degree, he didn’t earn that. Somebody else made that happen.”)
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To: SeekAndFind
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.

He said that "and less." In places where there is a higher cost of living than average that is indeed middle income and not exactly going to make someone be flush with cash. Small Business owners also are taxed for income like this but actually in most cases pay themselves far, far less.

Looks like another invented "gaffe" for the media. I was flipping through channels and there was some panel talking about how this was a bad week on the issue of foreign policy for Mitt Romney - yes - for Mitt Romney.

3 posted on 09/15/2012 7:32:50 AM PDT by Republican Wildcat
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To: SeekAndFind

lower all rates, widen the base, get rid of deductions.


4 posted on 09/15/2012 7:34:03 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: SeekAndFind

Lib media trying to make something out of nothing. Clearly Romney was saying middle class income is up to 200-250k - 200k on individual, 250k for family. Just like Obozo.

Media is corrupt.


5 posted on 09/15/2012 7:34:37 AM PDT by nhwingut (Sarah Palin 12... No One Else)
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To: SeekAndFind
If Obama was smart...He would step to the podium and tell his minions to extend the Bush tax cuts for one year. (Timing is everything) and he will save the world economically...for now...and he'll just ignore the debt.

That will give a big boost to Obama and leave the mess of the debt to the Repubs after Obama leaves office.

6 posted on 09/15/2012 7:39:05 AM PDT by Sacajaweau
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To: SeekAndFind

Geez... have liberals ever been to New York City or California? $100,000/yr there is chump change.


7 posted on 09/15/2012 7:39:19 AM PDT by AskNotReceiveNot
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To: SeekAndFind
It has always been OBAMA who promised not to raise taxes on
“ individuals making up to $200,000 or couples making up to $250,000”

This “promise” by OBAMA sets HIS adminstration’s view on the upper edge of the “middle class”?

If OBAMA thinks $250K is not
middle class” then why is he offering them tax protection?

Romney's people need to get ALL OVER THIS

In urban areas and high tax states, $250K is middle class

Take-home pay is about 60% of that before property taxes etc. In reality $250K is take-home half of that and pay your own way for everything plus a major source of local and property taxes, charities and nonprofits in many communities, and no child tax exemptions etc that boost the incomes of people making just a bit less

8 posted on 09/15/2012 7:41:36 AM PDT by silverleaf (Age takes a toll: Please have exact change)
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To: SeekAndFind

doesn’t matter if you confiscate all income over 250,000 it still will not be enough down the road

250,000 is rich in some places and not so much in others

where I live the median family is over 90K now

richest counties in the nation are all counties where large numbers of federal employees live...over 100K

250K per year in exepensive areas is not rich for a family

pay 75K or so in tax and another 15K or so in FICA and you’ve got 12-13K/month..nice but hardly rich

kids in college, private school, 500k-1M residence and you are cash poor again

single many living in a modular home in rural area making 75K if richer in spending power

to me truly rich is 10M net worth minimum

below that and uncertainty is still entertained

I would be rich if I was worth what I owe....this economy is beating the hell out of my assets and most folks I know say the same except a few startups that got a nice niche


9 posted on 09/15/2012 7:46:41 AM PDT by wardaddy (this is a perfect window for Netanyahu to bomb Iran..I hereby give my go ahead..thanks Muzzie idiots)
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To: nhwingut
It's a question of lifestyle.

Working class lifestyle is characterized by renting your home, and taking public transportation or having an old used car.

Middle-class lifestyle is characterized by being wealthy enough to own your own home, having one or more late-model cars, and being able to eat out in a nice restaurant every once in a while, and being able to go someplace on vacation once a year or so. Those earning 50K to 250K are part of this lifestyle.

What makes the wealthy lifestyle different from middle class is that they are able to afford one or more full-time servants living with them. This is a fundamental lifestyle difference.

10 posted on 09/15/2012 7:46:51 AM PDT by PapaBear3625 (Charlie Daniels - Payback Time http://www.youtube.com/watch?v=EWwTJj_nosI)
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To: SeekAndFind

Romney is obviously considering union teachers.


11 posted on 09/15/2012 7:53:58 AM PDT by Proud2BeRight
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To: SeekAndFind

You take a middle-level fireman married to an ER nurse and with overtime their combined incomes will be in the neighborhood of $200k, but in the Northeast with high income, sales and property taxes, their standard of living will not be much higher than a couple earning a lot less but living in the rural midwest. (which is why I don’t live in the NE!)


12 posted on 09/15/2012 7:54:53 AM PDT by theBuckwheat
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To: AskNotReceiveNot
Geez... have liberals ever been to New York City or California? $100,000/yr there is chump change.

In NJ $100K is barely above the poverty level.

13 posted on 09/15/2012 8:13:19 AM PDT by frogjerk (OBAMA NOV 2012 = HORSEMEAT)
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Comment #14 Removed by Moderator

To: SeekAndFind

Henry Bloggett appears to be an idiot. Or a liberal.

Stephanopolis was trying to say the top of the middle class was $100,000. Romney correctly noted that the middle class income can go up to $200-$250 thousand.

Some people note that it can be even higher, for those in the middle class who “earn” money from a business, and then have to expense it out.

Stephanopolis is hoping to give cover to Obama — if $100,000 is the top of the middle class, he can more easily lie about not raising taxes on the “middle class”.


15 posted on 09/15/2012 8:47:21 AM PDT by CharlesWayneCT
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To: SeekAndFind

Henry Bloggett appears to be an idiot. Or a liberal.

Stephanopolis was trying to say the top of the middle class was $100,000. Romney correctly noted that the middle class income can go up to $200-$250 thousand.

Some people note that it can be even higher, for those in the middle class who “earn” money from a business, and then have to expense it out.

Stephanopolis is hoping to give cover to Obama — if $100,000 is the top of the middle class, he can more easily lie about not raising taxes on the “middle class”.


16 posted on 09/15/2012 8:47:28 AM PDT by CharlesWayneCT
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To: SeekAndFind

“Middle Class” is the second, third and fourth quintiles? “Poor” is the bottom quintile, and “Rich” is the top qunintile.

At least, I think that is how the Gub’mint defines it.


17 posted on 09/15/2012 8:51:06 AM PDT by Little Ray (AGAINST Obama in the General.)
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To: SeekAndFind
http://quickfacts.census.gov/qfd/states/36/3651000.html

The Census Bureau reports that the median per capita income was $30,498 in NYC and the median household income in NYC was $50,285.

I don't think it takes an awful lot of effort to live comfortably on $100k -- but that comfort probably doesn't extend to stuff like leasing a new luxury SUV every 3 years. Maybe a 10-year old Toyota Corolla would be more appropriate. Or, in NYC, a good pair of walking shoes.

I'd agree with Romney (and Zero) that "middle income" may be as much as $200k or $250k. At least in NYC a family making $250k is not "rich". (Adding NY state and city income taxes, NY state and city sales taxes, property taxes and Federal taxes, more than half of that $250k is probably siphoned away in taxes in NYC.)

18 posted on 09/15/2012 9:13:25 AM PDT by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: freewild

mortgages for one


19 posted on 09/15/2012 9:52:36 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: PapaBear3625

http://www.bridgesoutofpoverty.com/

Poverty is characterized by a certain set of values. This places extended family relationships and loyalties above all else. (It is almost tribal.) The middle class is goal oriented and competitive. The upper class is based on networking and social alliances. Each class has hidden barriers to the other.

Teachers, social workers and Law enforcement have to be particularly aware of this. A cop has to understand the loyalties and not get in between and approach (usually) the matriarchial head in some family units. The social worker and teacher have to be aware that setting goals will not motivate a lower class person to change behaviors.

It is a matter of knowing how a system works.


20 posted on 09/15/2012 10:37:25 AM PDT by marsh2
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To: SeekAndFind

It’s a BS question that has to be specifically answered. But the real answer makes you look like a statistical dork. Something along the lines of two standard deviations from the median for the specific demographic area. $200k in NYC is probably in the ball park—whereas $30k is probably close in the Mississippi delta.

Stupid question. Stupid to answer it.


21 posted on 09/15/2012 10:42:48 AM PDT by Vermont Lt (I am NOT from Vermont. I am from MA. And I don't support Romney. Please read before "assuming.")
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To: Republican Wildcat; SeekAndFind

Also remember that the middle class with this income includes thousands of small business owners whom have $200,000+ as their “income” but after expenses of running the business have much less. Think of your locally/family owned stores and resturants, including some small chains where the owner is an independent franchisee. Back in my hometown, and probably yours too, there is the local bakery, garage, barber shop, farm implement sales, lumber yard, retail stores. Each of those owners are middle class and have gross incomes over $200K but once the bills are paid, the profit that the business owner lives on as income is much less than $200K. Something I learned from my grandfather who ran a country general store and “everyone” though was RICH, just because he ran the store, kept it open 7 days a week, 12 hours a day, with him his wife, and my parents as the employees.


22 posted on 09/15/2012 10:46:34 AM PDT by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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To: PapaBear3625; nhwingut
Those earning 50K to 250K are part of this lifestyle.

Before or after taxes?

23 posted on 09/15/2012 10:51:01 AM PDT by thecodont
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To: thecodont
Obama and his clown posse are trying the declare that somebody with pre-tax $250K is "wealthy" and not just middle class.

The classic definition of middle-class are doctors, lawyers, and small business owners. Their average income defines what is or is not middle class.

24 posted on 09/15/2012 10:58:33 AM PDT by PapaBear3625 (Charlie Daniels - Payback Time http://www.youtube.com/watch?v=EWwTJj_nosI)
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To: TurboZamboni
Do you think the home deduction would kill the housing market, which affects dozens and dozens of other industries and hinder a recovery? I do, so I wouldn't do that at this time. I'd keep that one.

But yes, strip the code of deductions and subsidies for many businesses. Sugar, ethanol, and God knows how many others.

25 posted on 09/15/2012 11:27:21 AM PDT by chiller (First check the poll's Dem/Rep/Ind sampling numbers, then re-think.)
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To: Republican Wildcat

Our Mom and Pop makes about that and I wouldn’t call it rich in any respect. And in a Boston, NY, Chicago, DC, it’s certainly not rich either.


26 posted on 09/15/2012 11:34:41 AM PDT by chiller (First check the poll's Dem/Rep/Ind sampling numbers, then re-think.)
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To: chiller

no. IIRC, Canada doesn’t have mortgage deductions and wasn’t hit as hard by the housing crisis and people still buy houses there.


27 posted on 09/15/2012 11:39:52 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: SeekAndFind

Mr Blodget, try living on $100,000 in NYC or any of many cities. I make much less than $250K but I don’t mind folks who do joining me in middle income.


28 posted on 09/15/2012 2:44:57 PM PDT by jimfree (In Nov 2012 my 12 y/o granddaughter has more relevant&quality executive experience than Barack Obama)
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