Obama on Buffett Rule: It's Really the Reagan Rule

So much for the Romney Rule. President Obama has settled on another way to rebrand the Buffett Rule, which would impose a 30% minimum tax on income above $1 million, Roll Call reports. "I’m not the first president to call for this idea that everybody’s got to do their fair share," he said in a speech in Washington today, surrounded by millionaires and their secretaries. "That wild-eyed, socialist, tax-hiking class warrior was Ronald Reagan."

Reagan, Obama explained, had once "traveled across the country pushing for the same concept," even giving a speech in which he spoke of a millionaire who paid lower taxes than his secretary, and how wrong that was. "If it’ll help convince folks in Congress to make the right choice, we can call it the Reagan Rule instead of the Buffett Rule," Obama said. He quipped that Reagan's position "might disqualify him from Republican primaries these days." (More Barack Obama stories.)