The Romney Rule
The Buffett Rule refers to the idea — suggested by Warren Buffett himself — that millionaires should NOT pay a lower tax rate than middle- and lower-income earners. But if you want an even better name — and a much more bumpersticker-friendly soundbite — how about the Romney Rule.
Mitt Romney is the perfect poster child for the absurd inequality of our tax laws. As you probably know, the richest Americans derive most of their income from investments, rather than wages or a salary. And the tax rate on capital gains is much lower than the tax rate on money that a person has actually worked for.
Obama wants to remedy this by establishing a minimum tax rate on the wealthiest .3% of American taxpayers. That number would come out to roughly 450,000 taxpayers.
Mitt Romney would be hit especially hard by the Romney Rule since most of his wealth has come from capital gains. (More specifically, Romney has made most of his money through purchasing solvent companies, driving these companies into debt, laying off the workforce and shipping the jobs overseas. But that’s a whole ‘nother post.)
Romney is desperately fighting this Wall Street image and various nicknames like Millionaire Mitt. He repeatedly describes himself as “currently unemployed” and “part of the middle class.” Romney’s Achilles’ Heel is showing. Democrats need to keep hammering away at Millionaire Mitt and the Romney Rule and all the rest of Romney's Wall Street baggage.
Even Mike Huckabee has said that Romney comes off “like the guy who laid you off.”
PrioritiesUSA Action is among the organizations trying to turn the “Romney Rule” into a ubiquitous slogan. That should be easy to do, considering Romney paid a 14% tax rate on his income last year (according to Citizens for Tax Justice).