Okay. The Buffett Rule. Then What?

I’m seeing reports that the Buffett Rule (taxing Capital Gains income of the 1% at a higher (30%) rate) would raise $50,000,000,000.  That’s an enormous amount of wealth to redistribute from 818,902 Tax Returns (read Families).  It’s $61057.37 per Family (Tax Return).

So, okay Obama, let’s say we do it.  We employ the Buffet Rule.  Then what?

The $50 Billion is 4.5% of the projected $1,100,000,000,000 ($1.1 Trillion) Deficit for 2012 on the White House web site.  Four-and-a-half percent.

So, Mr. Obama, Mr. Buffett, Mr. and Ms. Democrat… …what are you going to do to make up the other $1,050,000,000,000 ($1.05 Trillion) that is left after the Buffett Rule?

Answer that.

Based on your rhetoric, I got the impression if we just taxed the rich, everything would be okee-dokee.  If the evil rich just paid their fair share… …nirvana!

What about the Federal Debt?  We haven’t even talked about that.  Buffet’s $50 Billion would make a huge dent in the debt, right?

That $50 Billion is less than 1/3 of 1% of the current $15,382,000,000,000 ($15.382 Trillion) Debt.  Mr. and Ms. Class Warfare, what are you going to do about the remaining $15,332,000,000,000 ($15.332 Trillion) in Debt after your magic fair share and unicorn-riding class warfare succeeds in making the evil rich pay more under the Buffett Rule.

Answer that!

I know. We see it coming already.  The rich still aren’t paying their fare share.

How many times do we have to say it?  It’s the spending, stupid.

One response to “Okay. The Buffett Rule. Then What?”

  1. The question that screams out in my mind every time I hear the ‘fair share’ argument regarding taxation is “What about the fair share of the 50%+ that pays zero in taxes, and in fact get’s paid not to pay taxes in the form of a tax ‘rebate’?”

    Why not propose a ‘fair share’ rule, whereby if you file a return you must pay a net tax of at least $1? Got a $5000 refund? Then your tax liability is $5001 dollars. We’ll note the refund for paperwork concerns, keep it, and you send us a check for $1. That change alone would both end the massive redistribution system known as the tax ‘refund’, AND raise more revenue than the ‘Buffet Rule’ could ever imagine.

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