President Obama and presumptive Republican nominee Mitt Romney traded barbs Tuesday over differences on a tax proposal that aims to raise taxes on wealthy Americans.

Appearing in battleground state Iowa, Obama slammed Romney and other Republicans for wanting to extend the Bush-era tax cuts for everyone — not just the middle class.

“Doesn’t it make sense to agree to keep taxes low for the 98 percent of Americans who are working hard and can’t afford a tax hike?” Obama said to rowdy applause, during a speech in Cedar Rapids. “For us to give a trillion dollars worth of tax breaks to folks who don’t need it … and aren’t even asking for it, that doesn’t make sense.”