Romney admits his plan would only cut $167 for middle class

Republican presidential candidate said Sunday that his "intent in running for president is to help middle-income Americans," but admitted that he would only give them a $167 tax cut.

Fox News host Chris Wallace asked Romney why his plan didn't cut tax rates for the richest Americans from 35 percent to 15 percent or less like his fellow Republicans wanted to do.

"I would love to see a tax system which brings down rates [for everyone]," Romney explained. "I'll work on a plan of that nature. The plans that I have seen so far that have been put forward of that nature have represented dramatic reductions in tax for the very highest income people."

He added: "And I'm not looking to dramatically reduce taxes for the wealthiest in our society, not that there's anything wrong with being wealthy. I'm pleased to have done very well myself. You understand that, others do. My intent in running for president is to help middle-income Americans."

"Your plan that would eliminate the tax on capital gains and dividends doesn't help [the middle class]," Wallace noted. "A recent study showed that a family making $75,00 a year -- in terms of what they would receive by eliminating capital gains and dividends -- $167, sir."

"Well first of all, $167 is not zero," Romney declared. "And number two, one of the reasons people don't save their money is that they don't see an incentive to do so. ... Look, I recognize it's not a huge tax cut. It is a tax reduction that allows middle-income folks to participate in making a brighter future for themselves and saving."

In October and again in December, the GOP hopeful called a payroll tax cut of $1,000 to $1,500 for middle-class Americans just "a little Band-Aid."

Watch this video from Fox's Fox News Sunday, broadcast Dec. 18, 2011.