First it was the “Buffett Rule.” That morphed into the “Reagan Rule” yesterday. And today, Vice President Biden tried to inform a crowd of supporters in New Hampshire about the “Romney Rule.”
According to Biden, the Romney Rule is about doubling down on “tax cuts for the wealthy.” He expanded on his definition:
“Let’s take a look at what the Romney Rule values. What the governor values and his colleagues. He values Bush tax cuts to be made permanent for the wealthy, the ones that are intended to expire this December, he wants to extend them permanently. That will cost one-trillion dollars over the next 10 years -- $800 billion of that trillion going to people who make a minimum of $1,000,000. And to add insult to injury, the Romney Rule proposes to give another $250,000-year tax cut to the average millionaire on top of maintaining the Bush tax cuts.”
The vice president said his argument was about economic fairness, but the speech -- much like President Obama’s speeches earlier this week -- was set up to strike a contrast between the well-off Romney and the middle class.
“To put it bluntly, we think it's out of step with basic American values,” Biden said of Romney’s economic plan. And he took it a step further when he joked, “Gov. Romney calls the president out of touch and anti-woman, by the way... Hey, how many of y'all have a Swiss bank account?”
Continuing on the theme of "everybody vs. Romney," Biden also said, “We believe in a fair shot and a fair shake. Gov. Romney and those who share his philosophy, believe in no rules, no risk when you fail taking a risk and no accountability.”
The vice president summed up the administration’s position, “If we put the Buffett Rule in place. Let the Bush tax cuts expire for the—for the very wealthy and reject Romney’s additional trillion dollar tax cut for the wealthy. America will be able to do the things we need to do to grow the economy.”
And when a crying baby threatened to steal the limelight from Biden, he even turned that into an apparent dig at Romney. Speaking again about the so-called Romney Rule’s tax cut plan, Biden acknowledged the baby and said, “I don’t blame her for crying. She is going to inherit it. She’s going to pay for it. That’s one smart baby.”