Tax Gimmicks, Tax Doom
The U.S. Senate could vote today on the gimmicky distraction known as the Buffett Rule — President Obama’s plan to raise taxes on wealthy Americans and job creators in order to supposedly bring “fairness” to the tax code and pay down the debt. As the paper-thin justification for the proposal continues to fade away, the American people are staring down Tax Day, continued joblessness, and the prospect of a major tax meltdown coming on January 1, 2013.
The facts of the Buffett Rule are simple. The President wants millionaires (and small businesses taxed as individuals) to pay a minimum tax of 30 percent. For all of his rhetoric that the measure would “stabilize our debt and deficits for the next decade,” the Buffett Rule would bring in only $47 billion in revenue in ten years. To put those numbers in context, President Obama’s budget calls for adding $6.7 trillion to the national debt. So the Buffett Rule would cover just 0.007% of all of Obama’s debt and .001% of Obama’s spending.