Obama Touts Buffett Rule, Says Republicans Want Tax Breaks For Rich

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Painting November's election as a contest between two deeply contrasting views of America's future, President Barack Obama spoke in the all-important swing state of Florida Tuesday, outlining his support for higher taxes on the wealthiest Americans.

He told voters that under a Republican plan, millionaires and billionaires would see a flow of cash return to their pockets.

"You can't pay down a deficit by taking in 4.6 trillion less money especially when denying you will make all of these cuts," Obama said. "More than a trillion of tax cuts they propose will go to people making 250,000 a year which is an average of 150,000 dollars for every millionaire and billionaire."

The president railed against the budget plan passed in the Republican-controlled House, telling the crowd that the tax breaks the rich would enjoy would come at the detriment of everyone else.

Democrats, Obama said, would ensure that the rich did not get those breaks.

He closed his speech calling for his youthful audience to contact their Congressional representative and ask them to vote in favor of the "Buffett Rule." The Buffet Rule, named for billionaire Warren Buffett, calls for millionaires and billionaires to pay a greater tax rate.

The president will continue campaigning for the Buffett Rule Wednesday, meeting with millionaires and their secretaries at the White House. The secretaries expected at the White House Wednesday all pay a higher tax rate than their bosses due to the current structure of the tax code.

The Buffett Rule is up for a vote in the Senate within the next few weeks. In the current congressional climate, it's not expected to make it to Obama's desk.

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