Last Call

Behold the sound of Mitt Romney losing.

“What are you going to do to strengthen Social Security and Medicare without cutting federal spending?” one fairgoer asked.

“I’m not going to raise taxes,” Romney insisted. “That’s my answer.”

“Social Security, Medicare and Medicaid account for about half of federal spending,” the candidate later said.

“That’s a lie!” a person in the audience shouted.

“We have to make sure the promises we make in Social Security, Medicaid, and Medicare are promises we can keep. And there are various ways of doing that. One is we can raise taxes on people,” Romney explained.

“Corporations!” someone yelled.

“Corporations are people, my friend,” Romney replied. “Of course they are. Everything corporations earn ultimately goes to people.”

And by "people" he means "folks in the same multi-millionaire tax bracket as Mitt Romney who own and run the corporations, the rest of you jagoffs are wage slaves."    Mittens says we can't tax corporations because corporations immediately cut wages when taxes are raised in response.  But it just so happens that the reason Mittens doesn't want to tax corporations is because people have actually looked at who has to bear corporate taxes.

Princeton economist Uwe Reinhardt has noted that economic models are getting increasingly more sophisticated — trying to account for factors like how easy it is for different sectors to substitute labor for capital. He points to a 2010 review of these newer models by the Congressional Budget Office, which concluded that about 60 percent of the corporate tax ultimately falls on the owners of capital. (This is still the working assumption of both CBO and Treasury when they analyze the distributive impact of different tax systems.)

Now let's keep in mind the number of corporations who don't pay corporate income taxes at all.  Gee, it's like Mittens is trying to talk people into buying his crap about corporations and they know he means to cut Social Security and Medicare in order to keep corporations from having to pay their share.

Funny how that works.  Play this over and over again, let's see how Romney fares with voters.