Can President Obama get re-elected by running on a tax increase in the midst of a faltering economy?
He and his fellow Democrats believe he can because they have been selling a tax hike on individual incomes above $200,000 for years as a way to make “millionaires and billionaires” pay “their fair share.”
And Republicans are soon to nominate quarter-billionaire Mitt Romney, who looks to Democrats like the personification of the very folks they have been railing against. After many months of accusing rich people in general and Romney in specific of abusing the working class, Obama believes he can make his call for higher taxes a selling point for a second term.
It’s audacious, given the recent spate of bad economic news, but Obama is very much invested not only in his tax increase plan but a campaign strategy that would make rich Romney a villain to the American electorate.