Monday’s political scene featured two news stories out of Washington. One reported that President Obama repeated his call to let the Bush tax cuts on the rich expire and keep the current rates for those earning less than $250,000 a year. The other said the Romney campaign had raised more money than Obama for the second month in a row.
The connection between these political facts is crystal clear. Romney is raking in millions of campaign dollars from the very rich and the merely wealthy because they don’t want to pay higher taxes and Romney has promised they won’t have to if he is elected.
What President Obama proposes and has been proposing for months now is that taxes on the middle class — which he very generously defines as those earning less than $250,000 — remain static to keep consumer spending stable — but that taxes on the rich should be allowed to return to 2001 levels, when the federal budget was in balance.