Speaking of Massachusetts, Think Progress has some amazing video of former Massachusetts Governor Mitt Romney confronted by questioners at the Iowa State Fair about raising the cap on the payroll tax to include more income from rich people. In 2010, the payroll tax only went up to $106,800 of income, after which the payroll tax no longer applied. Effectively, the more you make over the cap, the lower your tax rate is. If we eliminated the cap, it would almost completely fund Social Security over the next 75 years, as long as economic projections will go.Romney refused to answer the question, going instead on a long tirade about how we shouldn't tear down rich people for being successful, and how Wall Street and Main Street are connected.A second questioner interrupted Romney's filibuster to ask how he would fund Social Security, Medicare, and Medicaid without cutting benefits, which got a huge cheer from the crowd. Romney replied that he wasn't going to raise taxes, and if you don't like that answer, you can go vote for Barack Obama.Romney later defended his calling for a raise in the Social Security retirement age in order to preserve corporate tax breaks by saying that "corporations are people too." That quote sounds like it's from an Onion article on Romney, but it actually happened in Iowa today.
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