President Obama will continue today in his opening salvo against presumptive Republican nominee Mitt Romney, attacking tax policies that allow investors, including the very rich, like Romney, to pay a 15 percent tax rate on income from their portfolios.
Obama has been holding up billionaire Nebraska investor and big Democratic donor Warren Buffett as the role model for the super-rich, as Buffett advocates the idea of raising the tax rate for top earners.
From a policy prospective, this is part of an overall Obama effort to promote “fairness” by increasing taxes on top incomes. Aside from increasing taxes on investment revenue, Obama seeks to reduce deductions for charitable donations by high earners and, most centrally, to raise income taxes for individuals earning more than $200,000 and families taking more than $250,000.
The millionaires tax would only raise a bit more than $1 billion a year, but Obama hopes that if he can win re-election campaigning for that, he will have won a mandate for a tax proposal aimed at increasing the burden on the top quartile of earners.Continue reading on www.foxnews.com