Americans Favor “Buffett Rule” by 60% to 37%

Americans Favor “Buffett Rule” by 60% to 37%

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Implications

Republican politicians oppose the Buffett Rule, and there is little possibility that it will become law this year. President Obama's intense focus on the policy and his emphasis on bringing it to a vote in Congress is thus mostly a symbolic gesture -- underscoring his general presidential campaign themes this year. An emphasis on millionaires paying higher taxes also helps position the Obama presidential campaign against his very rich GOP opponent, Mitt Romney.

Perhaps more importantly than the fate of this one policy proposal, the expiration of the Bush tax cuts at the end of this year means that unless something is done, taxes will go up for many American taxpayers. Obama is on record as saying he would let the tax cuts expire for those households making $250,000 a year and up, but would keep them in place for all others.