Obama team to Romney: Pay your fair share of taxes

President Barack Obama’s campaign team attacked Mitt Romney on Tuesday for not paying his “fair share” of taxes, escalating attacks on the top Republican presidential contender in a bid to paint him as elitist.

Obama, who has made tax fairness a key part of his re-election message, will pile on the pressure later in the day in Florida where he will urge support for the Buffett Rule, named after billionaire investor Warren Buffett. It calls for people making over $1 million a year to be taxed at a higher rate than middle-class families.

Republicans dismissed the speech as a political stunt and complain that increasing taxes on the wealthy would do nothing to create jobs or lower gasoline prices at the pump, which are the issues they say ordinary Americans care most about.

READ MORE: Obama team slams Romney for not paying fair share of taxes

Taxes for America’s highest earners have fallen sharply since 1995, according to a White House report released on Tuesday ahead of a speech by President Barack Obama on fairness in the tax code that is a key part of his campaign for re-election.
The White House estimated the 400 highest income households in the country, who all earned more than $110 million, paid an average of 18.1 percent of their income in federal taxes in 2007, well down for 29.9 percent those households paid in 1995.
Obama travels to Florida on Tuesday where he will urge support for the Buffett Rule, named after billionaire investor Warren Buffett, that calls for people making more than $1 million a year to pay more in tax than middle-class families.
Obama’s senior campaign adviser, David Axelrod, said most Americans would agree with the principle behind the tax change.
READ MORE: White House highlights tax fairness ahead of Obama speech

Taxes for America’s highest earners have fallen sharply since 1995, according to a White House report released on Tuesday ahead of a speech by President Barack Obama on fairness in the tax code that is a key part of his campaign for re-election.

The White House estimated the 400 highest income households in the country, who all earned more than $110 million, paid an average of 18.1 percent of their income in federal taxes in 2007, well down for 29.9 percent those households paid in 1995.

Obama travels to Florida on Tuesday where he will urge support for the Buffett Rule, named after billionaire investor Warren Buffett, that calls for people making more than $1 million a year to pay more in tax than middle-class families.

Obama’s senior campaign adviser, David Axelrod, said most Americans would agree with the principle behind the tax change.

READ MORE: White House highlights tax fairness ahead of Obama speech