Buffett Rule: Could it backfire on Democrats?

April 10, 2012

Christian Science Monitor

WASHINGTON–Democrats in Congress and President Obama are ratcheting up their efforts to cast Republicans as out-of-touch elitists by championing the “Buffett Rule” – a proposed bill that would require Americans making more than $1 million in income to pay a minimum 30 percent federal income tax.

Democrats will put the measure to a vote in the Senate next week in a move timed roughly to coincide with the April 15 deadline to file federal income taxes. It is intended to turn the screws not only on Senate Republicans in tight reelection contests but also on Mitt Romney, Mr. Obama’s all-but-certain GOP challenger, who earned $20.9 million in 2011 but paid federal taxes at only a 15 percent rate.

The Buffett campaign has one simple mission – “embarrass Republicans” – says Stan Collender, a budget expert at Qorvis Communications in Washington.

Yet polling suggests that taxing the rich might not be a winning issue for Obama in November.

While the Buffett Rule is widely popular – more than 6 in 10 Americans support the measure, according to a March Reuters/Ipsos poll – the larger economic argument centered around “fairness” may be problematic for the independent voters who are often crucial in presidential elections.

Among voters without a strongly held opinion of either Mr. Romney or Obama, 80 percent said they’d be more likely to support a candidate focused on economic growth and opportunity, while 15 percent said they would choose one emphasizing income inequality, according to a poll released Monday by the centrist Democratic group Third Way.

Asking a similar question, the poll found that 51 percent of so-called swing independents favored a candidate arguing for an economy based on opportunity, while 43 percent opted for one making the case for an economy based on fairness.

Making up about 15 percent of the electorate, swing independents currently favor Obama to Romney, 44 to 38 percent, Third Way’s poll finds. Yet it also argues that those voters are ideologically closer to Romney – and may be inclined to favor Romney’s rhetoric of an “opportunity society” focused on lowering taxes and government regulations.

For now, Democrats are banking on the Buffet Rule’s populist appeal. The rule is named for folksy billionaire investor and philanthropist Warren Buffett, who has been a staunch advocate for a rule that would make him pay at a higher tax rate than his secretary.

To read more, visit: http://www.csmonitor.com/USA/Politics/2012/0409/Buffett-Rule-Could-it-backfire-on-Democrats

1 Comment - what are your thoughts?

  • Paul Felix Schott says:

    Americans when is the last time you heard of a poor man hiring someone. China has more Millionaires then all the others countries on Earth why is that. 50 years ago China had the least amount of Millionaires and the USA had the most.

    All Taxes need to be lowered cut in half or there will be a lot more Poor and needy and not in just other countries. This 2012 year the World will see hunger like never before. More then 100 million will be sick from malnutrition going with out food. Taxing the poor and taking there Land away from them is Wicked. Very soon the Wicked Rich leaders will become the Poor.

    If your Legislature will not lower Taxes vote them out of office and VOTE in someone that will Lower your Taxes. If your Son or Daughter was raised in a Christian Home we need them in our Government as Leaders.

    United We Will Always Stand
    In GOD We Trust
    True Patriots

    GOD Bless
    and May HE Guide you all.

    The Lord’s Little Helper
    Paul Felix Schott

    Many a Nation have fallen from taxing their people to Death. You want Prosperity and for thing to Flourish and grow lower all taxes. You want thriving, success, or good fortune for only a few, keep over taxing all.
    Solar, Wind and Renewable Energy Freedom from OIL. The Humanitarian thing to do. Solar Energy.
    Why let the Wicked in office in our Nation if they do not believe in GOD and the Bible vote them out of office.

    United We Will Always Stand in GOD We Trust

    George Washington and Johann Paul Schott 12/24/1776. 3:45AM

    In GOD We Trust
    The United States of America’s Motto July 30, 1956.
    King David’s Motto 3,000 years ago.
    Soon all the World will Pray to Our Lord GOD and Savior Jesus Christ.

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