President Obama and fellow Democrats have picked their next fight with Mitt Romney and Republicans. What’s the issue? Here’s a hint: It comes just before your taxes are due.
The president is in the battleground state of Florida this week, pushing the so-called “Buffett Rule,” which would require the wealthiest Americans to pay at least 30 percent of their income in federal taxes. Democrats say the rule would bring increased equality to a tax code that unfairly favors the wealthy over the middle class—Republicans have called it class warfare.
The rule has been part of the White House’s agenda for months, but as battle lines are drawn ahead of November, congressional Democrats and the president hope to bring the issue of progressive tax reform front and center. A vote on the rule is scheduled for next week. Meanwhile, Obama’s campaign is calling for Romney to release more of his tax returns—hoping to show the candidate’s relatively low tax rate in comparison to the majority of Americans. Will it work? Depends … does Romney get a write-off for his Cadillacs?