Obama Campaigns for Buffett Rule
President Barack Obama pitched his proposed measure to increase the taxes on the wealthy in one of the nation’s largest battleground state. He wanted to make it one of his issues for the upcoming general election debate.
At another event in West Palm Beach, President Barack Obama told campaign donors that the 2012 election will give voters the biggest contrast in terms of policies that the country has seen since the 1964 presidential election between Lyndon Johnson and Barry Goldwater.
The president accused the Republicans of trying to dismantle government investments to provide tax cuts to people like him while some of the people affect by the cuts don’t need them and weren’t even asking for them. Representative Paul Ryan, chairman of the House Budget Committee, accused the Democrats of demagoguery. He said that the people will see that the Republicans are the problem solvers who are trying to find the solution before things get out of control.
Former Pennsylvania Senator Rick Santorum has already announced that he would drop out of the race Tuesday. This left the field clear for Mitt Romney. And it looks like one of the issues that will be highlighted during the general election will be the Buffett Rule.
President Obama contended that the Bush administration widened the gap between the middle class and wealthy, decreased the rate of job growth, and led to the financial crisis. He added that the policies that the Republicans wants to implement today were the same ones implemented for eight years before he came to office.
The president said that his Buffett Rule will require Americans earning more than $1 million each year to pay a 30 percent overall federal tax rate. It was named after billionaire investor Warren Buffett, who supports the proposed measure and said that at present he pays a lower tax rate compared to that of his secretary.