Get ready for the tax wars.

President Obama wants to raise taxes on the rich, setting a minimum tax rate of 30 percent on millionaires (the so-called Buffett Rule, named after billionaire investor Warren Buffett, who says it's unfair that he pays a lower tax rate than his secretary).

Mitt Romney, the presumed Republican presidential candidate, wants to lower taxes on the rich. He supports the House Republicans' plan to cut the highest tax rate from 35 percent to 25 percent, thereby reducing the taxes of millionaires by an average of at least $150,000 a year.

This should be a no-brainer. Rich Americans are taking home a larger share of America's total income than they have at any time since the 1920s, yet paying the lowest tax rate in more than 30 years.