How would the Buffett Rule Help?
Liberals insist we have a REVENUE problem and propose the "Buffet Rule" to raise more revenue. Conservatives insist we have a SPENDING problem and want limits on government spending.
What would the "Buffet Rule" do for revenue? It would add another $47 billion over 11 years. Do we know government would spend it more wisely than the folks who earned it? Do we know that it would not do our economy more good if left in private hands?
"So much for the idea that we could pay for Obama’s never-ending spending spree by eating the rich:
A bill designed to enact President Obama’s plan for a “Buffett rule” tax on the wealthy would rake in just $47 billion over the next 11 years, according to an estimate by Congress’ official tax analysts obtained by The Associated Press.
That figure would be a drop in the bucket of the over $7 trillion in federal budget deficits projected during that period. It is also minuscule compared to the many hundreds of billions it would cost to repeal the alternative minimum tax, which Obama’s budget last month said he would replace with the Buffett rule tax."
Since a billionaire is a THOUSAND times richer than a millionaire, I think Mr. Buffett and his fellow billionaires belong in a separate, "billionaire" category all by themselves. It is the only way to accurately reflect what an extraordinary income gulf lies between a million dollar income, and a billion dollar income. If we must demand more revenue, let's have a "Buffet Rule" that requires billionaires to really man up and pay their fair share. None of this hiding behind far, far, far less wealthy folks in the million dollar group.
Here is a link that might be useful: Buffett Rule Bust