Today in Boca Raton, Fla., Obama is expected to push support for the “Buffett rule,” arguing that wealthy investors should not pay taxes at a lower rate than middle-class wage earners, specifically ensuring that the wealthiest Americans pay at least 30 percent of their income in federal taxes.
Emphasizing fairness in the taxcode, the rule is based on billionaire investor Warren Buffett’s argument that it is wrong for him to pay a lower tax rate than his secretary. By advocating the Buffett Rule, Obama pits himself directly against Mitt Romney, who has opposed the plan, and received criticism for paying 14 percent according to his 2010 tax forms.
ThinkProgress.org compiled video footage of Ronald Reagan making a case very similar to the Buffett Rule, inspired by a man similar to Buffett. Of course, this speech was given in the pre-“Buffett Rule” era. So the real question remains: Is Warren Buffett a time traveler?