The Debate Last Night

Did I miss something in the debate last night? Why didn't President Obama call out Governor Romney on one of his comments? Did I not hear what I thought I heard?

Gov. Romney said, or I thought he said, that he would eliminate the tax on dividends, interest, and capital gains.

My question is, Who has this kind of income? Most of the working poor and the middle class have little, if any, stocks, bonds, or even savings. If we have any at all, it is most likely to be inside our retirement funds, and thus not normally taxable until it is taken out. Even then, we are usually taxed on what is taken out of the retirement account (unless we have a Roth IRA, which has been taxed before being put into the Roth), regardless of how it came to be in the retirement account. Doesn't matter if it was put in as principal, or earned as interest, dividends, or capital gains. We will, most commonly, pay tax on the whole distribution at our normal tax rate, whatever that might be.

The wealthy are the only people who have enough savings, stocks and bonds, etc. to really have a lot of dividends, capital gains, or interest that would make a difference in their yearly taxable income. You and I might have some savings that would generate a few hundred dollars a year in interest, if we are lucky and have been thrifty. But only the top 5% or 10% would have enough to increase their tax bill.

Convince me that this is not a tax cut for the wealthy. I think Gov. Romney is trying to fool a lot of people, including the middle class.