This is a straight political play by Team Obama to stoke the class warfare embers in an effort to make Mitt Romney and House Republicans look out of touch with the plight of average Americans.
It is not good economic policy, particularly if it is not accompanied by wholesale tax code reform, because a sizable number of small business owners file their business income on their individual returns. Additionally, a one-year extension does not give middle class Americans, employers and financial markets much long-term comfort nor the stability needed to invest. For these reasons, Congressional Democrats, including House Minority Leader Pelosi and Sen. Chuck Schumer, disagree with the president with regard to the income threshold ($1 million versus $250,000).
It is clear that President Obama is far more concerned with beating Romney in November than actually making America a more prosperous country for economic growth.