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?
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.
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.