President Obama today will release new long term plans to reduce the federal deficit, which will be anchored by a call for increased taxes on those making more than a million dollars per year.
The White House made sure the headline would be about the higher levies on more wealthy Americans, leaking that out on Saturday, ensuring that it would get top billing as the plan is rolled out on Monday morning.
The President will unveil those plans in a statement at 10:30 at the White House, followed immediately by a briefing with Treasury Secretary Tim Geithner and White House budget chief Jack Lew.
It was no surprise that Republicans immediately attacked the idea of higher taxes, no matter if it was only on those making big money.
"We've got a 9.1% unemployment rate. Does anybody think that's a good idea other than the President?" asked Sen. Mitch McConnell (R-KY) on NBC's Meet the Press, as he trashed the idea of tax increases.
The White House is going to call this tax hike on millionaires something like a "Buffett Tax," referring to Warren Buffett's argument that he should pay more in taxes.
"If Warren Buffett is “feeling guilty," said McConnell, "I think he should send in a check.”
While Republicans say the idea of a millionaires tax smacks of class warfare, the idea has been prominently featured in recent remarks by President Obama as he has discussed ways to close the budget gap.
"Do you want to keep tax breaks for multimillionaires and billionaires?" the President asked a crowd in North Carolina last week.
"Or do you want to cut taxes for small business owners and middle-class families? Mr. Obama added.
That's become a stock part of the President's speech about deficit and budget issues, as he used it a week ago Friday in Virginia, last week in the White House Rose Garden, and also on trips last week to Ohio and North Carolina.
"We believe revenues have to be on the table if we’re going to solve our deficit and debt problems," said White House Press Secretary Jay Carney last week as he gave the back of the hand to Republican complaints.
"Tell me how the President's "tax plan" creates a single job for a family out of work?" wrote Rep. Dennis Ross (R-FL) yesterday on Twitter, as GOP lawmakers wasted no time blasting the idea of tax hikes to solve the deficit.
Democrats don't mind having this fight - they think it benefits them to no end to be able to attack the GOP as opposing the idea of making the rich pay more in taxes; GOP lawmakers also believe they are positioned well to argue against the Obama plan.
Check back on Monday morning for all the details of the President's plans. There will be more than just a higher tax on millionaires.
