The Associated Press: Who's the rich guy? Obama, Romney duel over status: Romney campaign spokeswoman Gail Gitcho said Obama was the "first president in history to openly campaign for re-election on a platform of higher taxes," and the Republican National Committee called the idea of higher taxes on millionaires a "political distraction" that would do little to cure the nation's debt problem.
Obama is pitching the "Buffett rule," named after billionaire investor Warren Buffett, which argues that wealthy taxpayers should not pay taxes at a lower rate than middle-class wage-earners. Obama has proposed that people earning at least $1 million annually — whether in salary or investments — should pay at least 30 percent of their income in taxes. Many wealthy people earn most of their income through investments, which is taxed at 15 percent, allowing them to pay a lower overall rate.
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