The “Buffett Rule” has been no stranger to the news lately – but it’s the “Romney Rule” that might soon be getting a lot of attention. Today in New Hampshire – Vice President Joe Biden coined the “Romney Rule” to draw a clear distinction between President Obama’s plans to make the super rich pay their fair share in taxes and Mitt Romney’s opposition to taxing the rich.
In the speech today – Biden said, “The Buffett Rule says that multi-millionaires should pay at least the same percentage of their income in taxes as middle-class families do…The Romney Rule says the very wealthy should keep the tax cuts and loopholes they have, and get an additional, new tax cut every year that is worth more than what the average middle class family makes in an entire year.”
The Vice President is right – and this election will come down to a simple question – should the wealthy start paying their fair share in taxes again or should the poor shoulder the burden of trickle-down austerity measures? To most Americans it’s a very easy answer – unfortunately their voices are about to be drowned out by billions of dollars in corporate cash this election thanks to the Supreme Court’s Citizens United decision.