Obama to Tout Buffet Rule at State of the Union

Election season is upon us. We all knew it was coming, that President Barack Obama would not be able to control himself. That a campaign built on Hope and Change would have to find a villain amid dismal levels of success for the President.

The theme of his State of the Union address is going to be billionaires and there tax rates. Most pundits know how full of it the argument even is. If you took a 100% tax on all the billionaires and millionaires in the United States you still would not be able to even pay off one year’s budget deficit.

So why all the talk about billionaires? Because President Obama believes that they will be the key to his reelection. Growth has been anemic under his presidency, the deficit is massive and Obama has added $5 trillion dollars ot the national debt. Growth is anemic and unemployment stands at about 8.5%.

Listening to the President speak though, you would think that if the billionaires would just pay more taxes everything would be fine.

So to that end he is going to tout the Buffet Rule. Warren Bufffet, one of the world’s richest men wrote an op-ed peice over the summer saying it is wrong that he oays an effective tax rate that is a lower percentage of his earnings than his secretary because his earning are all from capital gains which is charged at 15% interest.

President Obama wants to introduce legislation to make billionaires pay more in taxes so he can spend more on government programs.

Do you think this is a smart move by President Obama or will his class warfare tactics fail?