As President Barack Obama gears up for the fall election, he and congressional Democrats are planning to press for passage of the so-called Buffett Rule that would impose a minimum tax rate of 30 percent on people making more than $2 million a year. A slightly lower rate would be set for those making between $1 million and $2 million.

Obama focused on this issue in a campaign speech in Florida. It’s the same issue that he brought up in his State of the Union Address earlier this year, noting that famed billionaire investor Warren Buffett proposed the rule because he pays a lower percentage of his income in taxes than his executive assistant pays, because of certain tax rules on capital gains. Buffett, along with Obama and a vast majority of Americans, think that is unfair.

As the fall campaign heats up, Democrats will return to bashing Republicans for supporting “tax cuts for millionaires and billionaires.” Obama is reported to be planning to use the Buffett Rule and tax fairness as a key campaign weapon against Mitt Romney, the presumptive Republican nominee, and Republicans in Congress.

Republicans could shake up the election landscape by calling Obama’s bluff. Romney and congressional Republicans should agree to support the Buffett Rule and return tax rates on wealthy Americans to the levels that existed before the Bush tax cuts.

However, as part of the agreement to impose the Buffett Rule and return tax rates on the wealthy to the levels of the Clinton era, Republicans should demand that some formula for reducing spending be part of the deal. Republicans could require that in exchange for their cooperation in these tax increases, all the proceeds from the Buffett Rule tax and returning to Clinton-era tax rates be applied to the deficit.

The message from the Republicans, including Romney, should be that unsustainable debt brought on by uncontrolled spending threatens the United States — and for that reason the normal Republican opposition to higher taxes will be put aside for the good of the country.

The GOP should make clear that the additional revenue is not going to pay for more spending — that it will be used to start reducing the $14 trillion national debt.

By agreeing to the Buffett Rule and reversal of the Bush tax cuts for the wealthy, Republicans would neutralize a major Democratic campaign weapon. They also would demonstrate that they are willing to compromise for the good of the country’s future.

When those tax increases on wealthy Americans are approved by Congress, Republicans can then say — about the budget and debt crisis — “Now what?” Because while every dollar of additional tax revenue would help reduce the national debt, just raising taxes on the wealthy would barely make a dent in the unsustainable spending and national debt caused mostly by entitlement spending.

As Americans come to understand that reality, Republicans should then focus national attention on the Simpson-Bowles Deficit Commission prescription for improving America’s fiscal health. That program, produced by a bipartisan commission established by Obama early last year, was largely ignored by the president. That report proposed a comprehensive list of spending reductions and tax increases, with the emphasis on spending reductions. It was, and remains, the most credible plan for addressing the escalating national debt.

By taking the first step and agreeing to the Buffett Rule and Clinton era tax rates for wealthier Americans, Republicans would shake up the fall campaign and also give Americans some hope that Congress can do something positive and not just engage in endless partisan bickering.

As the annual deadline for filing federal income taxes approaches, Obama will press his message on the Buffett Rule and tax fairness. Republicans should respond with a creative and positive response that will earn the support of the majority of voters and change the dynamics of the coming election.