Today, the President travels to Florida to officially sell the Buffett Rule.
It isn't part of a comprehensive plan to reduce the deficit, it has nothing to do with helping the millions of unemployed Americans find a job, Deborah Solomon of the Bloomberg View editorial board writes that the rule is "a distraction that further mucks up an already complicated tax code," and the Christian Science Moniter warns that the big White House push could backfire on Democrats.
So what is this really about?
Bloomberg tells us it's about the White House targeting 400 people, since most high-income earners already pay a higher tax rate than middle and low-income earners without the Buffett Rule. It's class warfare.
The American Enterprise Institute's Kevin Hassett told Bloomberg that the rule is “basically just a back-door way to hike taxes on capital.” When you raise taxes on capital, you will get less investment and job creation.
Instead of political games, we need serious, comprehensive tax reform the encourages investment to boost economic growth, create jobs, and make America more globally competitive.