The Humble Libertarian

Building a small army to take over the world and... leave everybody alone.


Thursday, April 5, 2012

Buffett rule heads to the Senate; Let the tax season begin

Obama is pushing hard for the 'Buffet Rule' that guarantees a minimum tax rate of 30% for those who earn over $1 million a year. It's basically a propaganda initiative to appease the Democratic base who incessantly scream 'tax the rich'. But the scheme is fatally flawed and will yield little in tax receipts in comparison to government spending - "it would only collect $47 billion through 2022 — a drop in the bucket compared with the $7 trillion in federal budget deficits projected during that period.".
“When it comes to paying down the deficit and investing in our future, should we ask middle class Americans to pay even more at a time when their budgets are already stretched to the breaking point? Or, should we ask some of the wealthiest Americans to pay their fair share?” President Obama said in his weekly address. Interesting how the only option is an either or. Tax one group or tax the other — take your pick. Obviously, the president would like to tax the “rich,” using his favorite model provided by billionaire investor Warren Buffett. Under the Buffett rule everyone making more than $1 million will pay at least 30 percent of their income in taxes — whether it comes from income or investment. According to the Huffington Post, Congress’ Joint Committee on Taxation estimated that if the Buffett rule is enacted, it would only collect $47 billion through 2022 — a drop in the bucket compared with the $7 trillion in federal budget deficits projected during that period.
Read the rest here
Net Right Daily