Campaign 2012: Obama vs. Romney

Pelley: That's the most expensive way to do it.

Romney: Well the--

Pelley: In an emergency room.

Romney: Different, again, different states have different ways of doing that. Some provide that care through clinics. Some provide the care through emergency rooms. In my state, we found a solution that worked for my state. But I wouldn't take what we did in Massachusetts and say to Texas, "You've got to take the Massachusetts model."

Pelley: How would you change Social Security?

Romney: Well, again, no change in Social Security for those that are in retirement or near retirement. What I'd do with Social Security is say this: that again, people with higher incomes won't get the same high growth rate in their benefits as people with lower incomes. People who rely on Social Security should see the same kind of growth rate they've had in the past. But higher income folks would receive a little less.

Pelley: So in the Romney administration, in the Romney plan, there would be means testing for Social Security and for Medicare?

Romney: That's correct. Higher income people won't get as much as lower income people. And by virtue of doing that-- and again, that's for future retirees. For-- by virtue of doing that, you're able to save these programs on a permanent basis.

Pelley: Balancing the budget will require sacrifice. And I wonder, what is it, specifically, that you're asking the American people to sacrifice?

Romney: I'm going to look at every federal program and I'll ask this question, "Is this so-- program so critical it's worth borrowing money from China to pay for it?" And if it doesn't pass that test, I'm going to eliminate the program because we just can't afford to keep spending more money than we take in. This is, this is something which is not just bad economics. I think it's immoral.

Pelley: So many people at home look at Washington and think that it is completely broken. You are going to have to reach out to Democrats in order to get anything done. How do you heal that breach, especially after a fairly acrimonious campaign?

Romney: There's no question but that Washington is broken. And I happen to think that flows from the president. I think ultimately the buck stops at the president's desk. He'd probably say the same thing. I think you have to have a president--

Pelley: The president would probably blame it on the Republican Congress, governor.

Romney: His challenge with blaming it on the Republican Congress is of course that for his first two years, right now the majority of his term, he had a Democrat Congress, a super majority in the Democrat Congress. And he had a whole series of things he said he was going to do, he didn't do. Leadership is not just working with your own party, but working with both parties. And I learned that. I was governor of a state with a legislature 87 percent Democrat. Just as you said, Scott, I realized I was going to get nothing done unless I had a relationship-- a respect, and trust with the members of the opposition party.

Pelley: Governor, what do you have to do in these last six weeks?

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[Remy_V]

Someone in Florida did the math. This is posted from their post.

I opened up our 2011 tax return and calculated it based on 17k in deductions. I left in the deduction per person, as I sure hope Romney is not talking about taking that also.

Our initial federal tax goes up by 2,950.00, and you can bet that reduction in Social security tax is toast, so add on another 2% of your GROSS income for that tax.

I must tell you we ARE taxpayers, not wealthy, and have a fairly large mortgage, but that is not all that is at stake with the 17k limit.

The 17K proposed is the TOTAL of all mortgage interest, points, property tax, sales tax deduction, other taxes, Charity deductions (tithes, etc.), Medical and Dental expenses (that include insurance) over 7.5%, job expenses, etc.

The child tax credit will most certainly disappear. That is subtracted off the tax you owe, bottom line, so each child credit you get now, is 1000.00 less in your pocket.

This is not political, this IS reality.

Do the math and see what your vote MAY cost you personally.reply
linkiconreporticonemailiconREMY_V says:The home mortgage interest tax deduction, among others may be on the chopping block.

Or

They may cap deductions at 17K for our returns.

What is your home mortgage interest deduction worth to you?

Not to mention many people buy a home BECAUSE of that deduction. This will effect home sales, construction, and numerous areas.

If you file long form, check your itemized deductions and see what you could lose.

How many children do you get 1000.00 child tax credit for? Lose that, and it is 1000.00 per child, out of your pocket.

I will leave it at that.

Yes, Romney said all deductions, even family member deductions.

Here's the 60 minutes link


http://www.cbsnews.com/video/watch/?id=7422772n
DO THE MATH

The President was frustrated at the inability to get real answers from Mr. Romney.

I thought he remained cool while Romney was bordering on losing it

[AngryBob86]

The question for Romney that's on my mind is; "Did you make a deal with the IRS to avoid prosecution for tax evasion as part of the UBS scandal?" Or stated another way, "Did you participate in the IRS' amnesty program in connection with the UBS scandal?"

The press has been avoiding asking that question, but there is a reason Romney won't release his federal tax records prior to 2010 and I think this is it.

Jim Lehrer, are you listening?

[Remy_V]

How about fudging his current return to cover up the lie of the percent he pays?

[ETcomehome]

I'm disappointed with one of my favorite programs for giving Obama 15 min air time and Romney only 3 min. This was unfair. The Media should be fair and balanced and let the people decide who they want for President.

[2muchcrap]

Keep it coming shelleyfannin!

[JohnGrisso]

One of the questions and answers in the interview with Romney went as follows:

Pelley: Now, you made on your investments, personally, about $20 million last year. And you paid 14 percent in federal taxes. That's the capital gains rate. Is that fair to the guy who makes $50,000 and paid a higher rate than you did?

Romney: It is a low rate. And one of the reasons why the capital gains tax rate is lower is because capital has already been taxed once at the corporate level as high as 35 percent.

Romney's answer is not true. Corporations pay federal taxes only on earnings. They do not pay taxes on increases in the value of their own stock. There is absolutely no double taxation on capital gains. As the former head of a corporate buyout firm Romney knows this better than anyone.

[shelleyfannin]

Seriously? Where do you think the corporations get the money to pay the dividends?...Let me help you out..From their "earnings"

Here you go:

"Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders.[1] When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be distributed to shareholders." -WIKI

So what the MSM is not telling you is that Romney built Bain Capital from the ground up, was extraordinarily successful, and since he was co-owner, and now even shareholder...the "earnings" of the corporations were already taxed at 35%...then the dividends paid out were taxed again at 15%....guess what? that is a larger percentage than anyone in the middle-class!!!

THERE IS NO DISPUTING THESE FACTS!!!

[alkagupta]

Thank you. That answer from Romney sounded fishy, but I didn't have the expertise to assess it. Given his long record of flip flops and out-and-out lies, I wasn't giving him the benefit of the doubt anyway.

[mikesfilms]

The agendas. Obama: bin Laden is dead--GM is alive--Medicare and SS are safe. Romney/Ryan: Medicare vouchers--"privatize" SS--lower the rich tax--increase Defense spending now that two wars are winding down--hide offshore accounts.

[MyNewone]

Obama had a do-nothing Congress and Senate, there are certain congressmen and senators ""from both parties"" from the deep South "Do not like OBAMA" if you know what I mean, they are determined they are going to get him out of office, so they Argue, Fight, and Block each other.
Now "IF" Mitt Romney he will have the same problem a do-nothing Congress and Senate, Argue, Fight, and Block each other, certain Congress and Senate ""in both parties"" they will do everything they can to get MITT out of office, because of his Religion and his Successful Business Profile.
So the real problem is Congress and Senate ""in both parties"" there are a bunch of smoke and mirrors narc*ssist that do not like each other, they argue and yell they fight block each other. ""Say a lot but Say nothing Windbags"" they do not care about the American people they are supposedly representing, they only care about special insider interests .
Solution to the problem; vote these people out of office ""in both parties"", and then establish term limits two know more, put a stop to corrupt career politicians.
If the corrupt career politicians ""in both parties"" remain in office, it will be status quo, for the American people.

[margentry]

Terrible Romney interview, Scott Pelley. All you did was throw him a bunch of softball questions with no follow-up. Mike Wallace would have been embarrassed to see this on 60 Minutes!

[Forty-Four]

Romney lost me a while ago, but he REALLY lost me when he said, "the middle east needs American leadership." There are so many things wrong with that statement right there. I am not happy with my choices, but it does not matter who is elected if congress is anything the same as it has been lately

[nanc12]

I just wish they had asked Willard about Ann's airplane making an emergency landing. Then he could have wondered, on national tv and not just to the LA Times, why airplane windows don't open. He actually stated that if she'd been able to crank open a window at 35,000 feet, it would have been better! Presidential material, indeed!