Greg Sargent is reporting in his Morning Round-up on the Plum Line that President Obama will today reiterate his intention to end the Bush-era tax cuts on affluent people making more than $250,000 annually. To be precise, the reversion to higher rates, those that prevailed in the 90s when the economy did much better than in the 2000s, would actually apply only to that portion of their income above $250K, not on the amount below it. This fact won’t quell the outcry from the right-wing who are already claiming it’s a tax hike on small businesses, but that’s just rhetoric. As Sargent explains, the key point of tax fairness is one that the president will be campaigning on through the fall, offering potent contrast with Mitt Romney’s stated policies, and to Mitt’s own taxes. The Obama campaign will also use the issue to highlight the Republican candidate’s stunning lack of transparency about his finances, and the rate at which he pays taxes.
In this same vein, be sure to read Paul Krugman’s column today, Mitt’s Gray Areas, where as Sargent observes,
“Romney’s refusal to be transparent about his own finances suggests he doesn’t want to reveal the extent to which he would personally benefit from the policies he’s advocating, because so doing would be deeply damaging.”
Meantime, on my tumblr I’ve posted a new video from the Obama campaign, asking key questions about Mitt Romney’s offshore investments, including Sankaty High Yield Assets, the fund he transferred to his wife in 2003, the day before he was sworn in as MA governor. For convenience, the video is also right here. Share it around if you like, as Mitt’s offshore holdings bear a lot more scrutiny. Clearly, the Obama campaign is hoping that the media will continue reporting on Mitt’s opaque finances, with many unanswered questions about his investments and holdings.