OBAMA’S EDIT OF 60 MINUTES FOR ROMNEY AD

SCOTT PELLEY: 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?

PELLEY: So you think it is fair?

MITT ROMNEY: Yeah, I think it’s the right way to encourage economic growth.

VOICEOVER: Lower tax rates for him … than us.  Is that the way to grow America?

HERE’S THE FULL TRANSCRIPT OF THAT EXCHANGE WITH THE EDITED OUT WORDS IN ALL CAPS:

PELLEY: Now, you made on your investments, personally, about twenty million dollars last year.  And you paid fourteen percent in federal taxes.  That’s the capital gains rate.  Is that fair to the guy who makes fifty thousand dollars 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 THIRTY-FIVE PERCENT.

PELLEY: So you think it is fair?

ROMNEY: Yeah, I — I think it’s — it’s the right way to encourage economic growth, to get people to invest, to start businesses, to put people to work.

***

Of course, this is hardly surprising as Pelley’s entire premise was flawed in the first place.

He said, “Is that fair to the guy who makes fifty thousand dollars and paid a higher rate than you did?”

According to the Internal Revenue Service, a person with an adjusted gross income of $50,000 paid a tax rate of 7.7 percent in 2009.