Politico Arena Topic: Will Obama's "Buffett Tax" Fly with Voters?
The deficit plan is a smart move politically, especially heading into a general election year. President Obama needs to shore up a base that has been eroding since the midterm elections and that is still reeling from the GOP-favoring debt ceiling deal agreed to last month. The plan forces Republicans into a box of either supporting deficit reduction with shared sacrifice or siding with the very wealthiest interests in the country.
Raising taxes on the wealthy—especially millionaires—is popular among a significant majority of Americans and most citizens would embrace the Buffett rule. It has little chance of getting through the Congress but the plan is more of a campaign document anyway.
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