Ryan and Romney’s Really Awkward Moment

Awkward. On 60 minutes, Ryan talks eliminating tax shelter loopholes as Romney tries not to look horrified. 

Mitt Romney and his newly anointed running mate Paul Ryan didn’t make much news in their first joint interview of the campaign on Sunday on 60 Minutes. But one exchange stood out: When asked about the fairness of his tax plan by CBS’s Bob Schieffer, Romney fought back against the suggestion that his policies would disproportionately favor the most wealthy. Here’s what Romney said:

Fairness dictates that the highest-income people should pay the greatest share of taxes, and they do. And the committment that I’ve made is we will not have the top income earners in this country pay a smaller share of the tax burden. The highest-income people will continue to pay the largest share of the tax burden, and middle income payers under my plan get a break. Their taxes come down. So we’re not going to reduce taxes for high income people and we are going to reduce taxes for middle income people.

Ryan went on to explain that he and Romney would make the system more fair by shutting down tax loopholes that exclusively favor the rich. (In other words, the kind of tax loopholes Romney has taken advantage of.)

There’s a nugget of truth in Romney’s claim that high-income earners won’t pay a smaller share of taxes. He has not proposed replacing the progressive income tax with a flat tax (say, 20 percent for everyone), nor has he proposed giving the highest-income people a lower income tax rate than middle-class people. Under Romney’s plan, many rich people will still pay a higher percentage of their income in taxes than poorer Americans will.

But the larger point is way off. Contrary to Romney’s assertion on 60 Minutes, Romney’s tax plan would amount to an enormous tax cut for the highest earners while raising taxes on the middle class, the working poor, and everyone else in the bottom 95 percent. That’s according to an analysis from the nonpartisan Tax Policy Center. Here’s how it works:

Tax Policy Center dataTax Policy Center data

Those changes are on top of current policy, which includes the Bush tax cuts. (Ryan’s budget, as I noted earlier, would likewise raise taxes on the lowest earners while disproportionately boosting the uber-rich and cutting Romney’s personal tax rate to just 1 percent of his income by phasing out capital gains and dividend taxes.) If Romney’s new message is that he’s still going to make top earners pay their share, it might be his most audacious spin yet.

THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

payment methods

THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate