Obama Will Push for Tax Reform in State of the Union Address

President Barack Obama will renew his call for an overhaul of the tax reform when he addresses the nation this evening.

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Obama’s advisers say his State of the Union address will offer a host of “common sense” ideas to shore up the American Economy and tackle the growing deficit.

The president will also be presenting himself as a candidate this evening, as he asks voters to give him another four years in Washington.

Obama, who has pressed for what the White House calls “tax fairness,” was given some ammunition in that battle today by potential Republican rival Mitt Romney, who released details of his income and tax burden for 2010 and an estimate for 2011.

Romney paid an effective tax rate of 13.9 percent in 2010 and expects to pay 15.9 percent in 2011 on income of more than $20 million each year.

Senior White House adviser David Plouffe said Romney’s tax rate illustrates the “tax reform we need,” in a round of interviews this morning.

“There’s no question that we have a tax code that’s far too complicated, far too complex. And when the middle class, the average middle-class worker is paying more in taxes than people who are making $50 (million), $60 million a year, we’ve got to change that,” Plouffe said on NBC’s “Today” show.

Obama calls it the “Buffett Rule” after Warren Buffett, who revealed last year in a New York Times article written by the business magnate that he was paying a lower tax rate than his secretary, Debbie Bosanek, who will be sitting in the House gallery tonight as a guest of the first lady.

Speaking on “CBS This Morning,” Plouffe said Obama’s plan to remedy such income disparity will include ideas that “traditionally have been embraced by members of both parties, that are common-sense ideas.”

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To contact the reporter on this story: Emily Knapp at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com