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Okay. The Buffett Rule. Then What?

30 Jan

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.

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1 Comment

Posted by on January 30, 2012 in Obama, Taxes

 

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

  1. Robert Morgan

    January 31, 2012 at 3:15 pm

    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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