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Vice President Biden frames choice between 'Romney Rule' and 'Buffett Rule'
With tax returns due in four days and the U.S. Senate scheduled to vote on the Buffett Rule on Monday, President Obama and Vice President Biden will release their families' tax returns to the public today, according to the Obama campaign. The campaign will simultaneously call on Mitt Romney to follow suit.

Romney has only released one full year of tax returns documents, even though he gave John McCain's vice presidential selection committee 23 years worth of documentation. The earlier returns would contain answers to key questions about whether and how he managed to use Bain-created tax shelters and where he invested his money, but releasing this year's return would once again call attention to the fact that despite earning $20 million per year, Romney pays a lower tax rate than many Americans earning a fraction of that.

But this isn't just about Mitt Romney—this is also about the economic policies that Romney benefits from and what they mean for the country. And to make that point, yesterday Vice President Biden contrasted the Buffett Rule—which would end that practice—with what he calls the Romney Rule.

If Governor Romney has his way, we’ll have the Romney Rule. And I mean it sincerely—this isn’t a cute little deal. There’s a Romney Rule. The Romney Rule says, let’s double down on the tax cuts for the wealthy. [...]

Let’s take a look what the Romney Rule values, what the Governor values, and his colleagues. He values Bush tax cuts to be made permanent for the wealthy. The ones that are intended to expire this December, he wants to extend them permanently. That will cost $1 trillion over the next 10 years; $800 billion of that trillion going to people who make a minimum of $1 million. And to add insult to injury, the Romney Rule proposes to give another $250,000-a-year tax cut to the average millionaire, on top of maintaining the Bush tax cuts.

I know—if you hadn’t watched all the debates, you’d probably think I’m making this up. (Laughter.) But seriously, that's what—that's what he calls for, the Romney Rule calls for. That's another trillion dollars in tax cuts over the next 10 years going to the top 1 percent of American taxpayers.

Biden contrasted Romney's trickle-down approach with an economic agenda focused on building the middle class:
The President and I are determined to make the economy work for everybody—everybody. Not just because it's fair—literally, not just because it's fair. That's reason enough. But we believe, and history shows, when the middle class grows the wealthy get wealthier, the poor have a better shot, the economy is sound and the economy grows. We believe in a fair shot and a fair shake.
There's no doubt Republicans will kick and scream that Biden and Obama are socialists for pointing out the unfairness of how the present system benefits wealthy "lucky duckies" like Mitt Romney. But as Biden said, fairness for the sake of fairness is only part of the issue here: Democrats also support fairness because it works. The Romney Rule is worse than simply being unfair: it's unfair and as we've learned over the past decade, it doesn't work.

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Comment Preferences

  •  Good! Let's keep ahead of the messaging game. (7+ / 0-)

    The Romney Rule should stick. According to TPM:

    Slate’s Dave Weigel has a tick-tock of what he calls the birth, life and death of the oft-repeated Democratic talking point “war on women.” After Thursday’s rhetorical battle over CNN contributor Hilary Rosen, Weigel catches the DNC crying uncle on the use of the term:

    On Thursday, as the Rosen saga unfolded, DNC communications director Brad Woodhouse echoed her plea for peace. “I’m not a fan of the term,” he said in an interview. “I mean, I’m sure I’ve probably used it. We all fall into these easy vernaculars … but we in the DNC have not been running a campaign based on the term ‘war on Women.’ That’s a myth cooked up by Republicans.”

    How about we stick with one meme and keep pushing it until the election is over? Whaddaya say guys?

    When the operation of the machine becomes so odious that you can't take part,you've got to put your bodies upon the gears;you got to make it stop.Indicate to the people who run it that unless you're free the machine will be prevented from working at all

    by YoungArizonaLiberal on Fri Apr 13, 2012 at 07:39:03 AM PDT

  •  We live in crazy times (3+ / 0-)
    Recommended by:
    TomP, Sue B, sethtriggs

    where most folks are woefully uninformed.

    I know—if you hadn’t watched all the debates, you’d probably think I’m making this up.

    If cats could blog, they wouldn't

    by crystal eyes on Fri Apr 13, 2012 at 07:39:05 AM PDT

  •  If it makes you feel good (2+ / 0-)
    Recommended by:
    Gooserock, sethtriggs

    taxing the 1% more isn't going to hurt them and it really isn't going to make a difference in people's daily lives.  But, hey, it fair and I like to hear the whining.  Stiffer taxes on anything over $250k is what is needed to make a real difference.

    •  Back in 91% days, the 50% Rate Kicked In Around (4+ / 0-)
      Recommended by:
      Red Bean, TomP, Sue B, sethtriggs

      350k in today's dollars I'm pretty sure.

      But it's not the collection of taxes that makes the difference in peoples' lives, it's the compression of extreme compensation to avoid the taxes in the first place which leaves more money in businesses for suppliers, wages & benes, & such.

      When the jackpots can't be mostly taken home, businesses and the economy aren't run to generate them at the expense of stable growth, whole sectors that are merely profitable become appealing for lack of a few jackpot sectors like finance and mergers.

      Top individual income compression is one of many tools for making the economy fair we've thrown away but it's the most universal because the whole point of all the sociopathic economic practices is to generate maximum takehome at the top.

      That's why one of the first moves of the Reagan Rightwing Revolution was to eliminate compressive individual taxes.

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Fri Apr 13, 2012 at 07:50:16 AM PDT

      [ Parent ]

  •  How dare they?! (2+ / 0-)
    Recommended by:
    Matt Z, skillet

    It's like they think they deserve to be re-elected or something.

    How uppity.

    Fight until we win. Then we can begin arguing about the details. - Kwickkick (RIP) 2009

    by RickMassimo on Fri Apr 13, 2012 at 07:39:31 AM PDT

  •  Good (2+ / 0-)
    Recommended by:
    MyMy, Red Bean

    Now Romney will finally do something good for America.  He's the poster-boy for the 1% of the 1%.  There couldn't have been a better GOP clown for America this election.

    Republicans: Taking the country back ... to the 19th century

    by yet another liberal on Fri Apr 13, 2012 at 07:40:11 AM PDT

  •  What he says is true. (1+ / 0-)
    Recommended by:
    Sue B

    My son (19) says we are living in an alternate universe. The evidence starts with Bush vs Gore.

    With Liberty and Justice for the 1%

    by wrights on Fri Apr 13, 2012 at 07:43:41 AM PDT

  •  The"Job Creators" (5+ / 0-)
    Recommended by:
    wrights, MyMy, Red Bean, skillet, sethtriggs

    ..gave Karl Rove and a slew of congress-critters pretty sweet gigs. Of course they deserve lower taxes.

    Actually - they shouldn't be bothered with taxes at all.

    Now go eat your Hamburger Helper, watch your professional wrestling, drink some insipid cheap beer, and leave the governing to the Plutocrats.

    Do it for the unborn babies the evil libruls want to kill.

    The only "left" the Democrats have given us is the last couple of decades is a Southpaw President

    by Anthony Page aka SecondComing on Fri Apr 13, 2012 at 07:44:05 AM PDT

  •  trickle-down = wealth redistribution (2+ / 0-)
    Recommended by:
    yet another liberal, jalenth

    Of course everyone is too stupid to notice

  •  I'm all for taxing the rich (0+ / 0-)

    to death, but this will only increase revenues a small percentage of our budget.
    The problem is runaway spending.  Is anyone aware the defecit for the last 2 months was $450 billion?
    The largest yearly defecit under the shrub was $500 billion!
    We must control the spending AND raise taxews.

    http://coonsey.wordpress.com/

    by coonsey on Fri Apr 13, 2012 at 07:50:34 AM PDT

  •  Remember kids (2+ / 0-)
    Recommended by:
    skillet, Sue B

    Distributing wealth to minorities, liberals, godless heathens, women, the gays, and the poor? Patently un-American.

    Distributing wealth to the richest, whitest Americans who really don't need it? American Dream, baby.

    We should all be so lucky that the facists want to think about our wealthy. Where would they be without us? The Upper Middle Class?

    Quick, pass the smelling salts! I feel the dreaded Vapors coming on!

  •  Here is the "stark choice" Obama speaks of: (5+ / 0-)
    Recommended by:
    TomP, Sue B, sethtriggs, jalenth, Minnesota Deb

    it's not the choice between two theories of government. It's not the choice between two philosophies about government's proper role in the lives of citizens. It's not a choice between left and right ideologies.

    It's the choice between the assholes that put us into this economic ditch, and the guy who is trying, with some success, to pull us out.

    They had their way for eight years. They turned budget surpluses into huge deficits and, through deregulation and lack of enforcement, allowed the financial sector to ruin the economy. Their shit doesn't work.

    And even now, they criticize the most successful aspects of Obama's rescue mission: the stimulus bill and the auto bailout. To hand the economy back to these people is, quite literally, insane. Anybody that votes Republican is an idiot.

    If I knew it was comin', I could pull a jet plane.--Reggie Jackson

    by LongTom on Fri Apr 13, 2012 at 07:58:36 AM PDT

  •  So (0+ / 0-)

    what. It's all Kabuki. Why are we even having a fight over raising their taxes a miniscule amount.

    Wake me when the Democrats have the balls to tax the rich at 70%, 80% or 90%.

  •  Framing error. "it doesn't work" (0+ / 0-)

    To say that tax cuts for the wealthy and deregulation 'don't work' is to presume that those pushing for these policies have the same goal in mind (a functioning economy that benefits most Americans), when they don't.  We shouldn't be arguing over whether their policies work.  Step past that since the goal of these policies is more wealth and power to the already wealthy and powerful.  They are not trying to end the recession, because recessions mean more money in their pockets.

    Rising salaries and a workers' market in labor may sound great to most, but that actually makes it harder to rake in huge bonuses if you're somebody who gets paid big bucks on quarterly profits.  A "good" economy doesn't mean the same thing to most of us as it does to the investment/executive class and the (mostly R-) politicians on their payrolls.

    If you want a discussion, please stick to arguing the point. If you wanted something else...please exit the vehicle.

    by robizio on Fri Apr 13, 2012 at 09:39:34 AM PDT

  •  on the bright side... (1+ / 0-)
    Recommended by:
    Minnesota Deb

    On the bright side, it won't matter how high the cost of gasoline goes.  With the wealthy contributing next to nothing in taxes, there will be no money for infrastructure, and the roads and bridges will crumble.  

    We'll all be riding horses through the wastelands, and as we've seen, notably, in Florida, we'll all be toting guns.  

    In short, Mr. Bush ushered in a return to the good old days of the wild, wild west.  

  •  Perfect messaging (2+ / 0-)
    Recommended by:
    Minnesota Deb, Sue B

    Liberal policies are not just about compassion.  Say the word "compassion," and conservatives and leaners are conditioned to tune you out.  Obvious socialism, and probably anti-God too.

    Fairness, first of all.

    But most importantly:  this is what works.  

    Practical.  Reality-based.  Not bleeding heart stuff.  Stuff that works.

  •  Tax cuts for lazy butts (0+ / 0-)

    The Romney rule rewards folks who earn money off of doing nothing.  Just buy something (a capital asset) and let it appreciate.  Then sell it at some point and get cold hard cash.  Our tax code rewards you for doing nothing but sitting on your butt, while normal folk who go to work every day and do something get punished by being taxed at a higher rate.  Sure, people that make money off of capital investments are gambling that they may loose their money.  But to reward slothfullness and gambling while punishing hard working folk is simly WRONG!

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