by Hartley Atkins
Now that Romney is the presumptive GOP nominee, it is interesting how Obama has resurrected his Buffett Rule, which would increase taxes for people earning over a million dollars per annum.
Obama is obviously putting Romney on the defensive on a tax increase for millionaires only, and he even cited Ronald Reagan for his tax proposal, claiming that Reagan had a similar Rule to tax millionaires, saying that Reagan even used similar language regarding about paying their ‘fair share,’ which is true, but Obama took what Reagan said out of context. Here is an excerpt from Reagan’s speech about his tax plan as it relates to “fair share,”
“It stands to reason that the more complex our tax code is, the more open it is to abuse. So, we’re making it simple to make it fair. America’s tax plan will do away with special breaks for a few so we can lower the tax rates for all. Our simpler, three-bracket design will assure that no American pays one penny more than his fair share.”
Still, Obama artfully remarked that the Buffett Rule could be the “Reagan Rule,” in principle.
Then I started thinking Obama is really good at this game of politics, when he can evoke the name of Ronald Reagan to attack Mitt Romney’s tax plan and bolster his own. Romney, a multi-millionaire who pays a tax rate of 14% on income earned only from investments, would be firmly in the cross hairs of that strategy, Obama believes, even if it doesn’t have merit.
But, on second thought, the problem with such a strategy is that Obama is attacking Romney’s personal success in the private sector of the economy. An economy that Obama mismanaged with an unemployment rate of 8.2% and an anemic GDP growth rate of only 2 to 2.5% per annum. An economy that Obama’s policies have hurt, not help, in particular, the private sector. An economy in which Obama cannot claim any positive achievement on which to run, and so he finds himself caught in a stupid irony of running against the individual, economic success of his opponent.
The American people will soon see through Obama’s unwise strategy, I “hope” … Regardless, it is time for a “change.”