Why the "Buffet Rule" is a sham

[tbrown]

http://online.wsj.com/article/SB1000142 ... 58988.html" onclick="window.open(this.href);return false;

Waving Mr. Buffett's op-ed for all to see, Mr. Obama wasted no time in proposing a surtax on millionaires called the "Buffett Rule." Putting aside all the oohing and ahhing over Mr. Buffett's selflessness, his effective tax rate on his true income would hardly budge if this "Buffett Rule" were applied. What's worse, raising the highest tax rates would most likely worsen the budget deficit and lead to a further weakening of the economy. Everyone would suffer.

Meanwhile, the top 1% of earners saw their tax payments climb to 3.3% of GDP in 2007 from 1.5% of GDP in 1978, while the bottom 95% saw their tax payments drop to 3.2% of GDP in 2007 from 5.4% of GDP in 1978. Why would Mr. Buffett want to reverse these numbers?

Of course, cynics and die-hard progressives might object to the above evidence on the grounds that it was driven by an explosion of income gains. But that's largely the point.

[Carry-a-Kimber]

Buffet has a net worth of somewhere around $50B, and good for him. His recent donation of $49,500.00 to help pay down the national debt would be the same as me sending them 5 cents. He stuck to his word and matched the GOP contributions but seriously ...

[Purplehood]

Publicity. To you and me (assuming we were ignorant of what goes on about us) it would seem like a large, magnanimous gesture. To him, it was chump-change that was worth far more in political-gain than actual dollars.

[stroo]

If Warren wants to pay more taxes, he should go ahead and do so and not cynically offer to match GOP payments. If fact, Warren does a lot to minimize his taxes.

[bayouhazard]

That's what the article says too. He can stop using (abusing?) tax shelters and his tax bill will go up without any changes to the current tax code. It also points out that even with his proposal, his effective combined federal tax (Fit, FICA, etc.) rate will be lower than someone working a minimum wage job, as long as he keeps using tax shelters.

How about we get rid of the tax shelters first.

[Grog]

I thought this was going to be about how to carry a handgun while wearing sweatpants to a buffet.

[Keith B]

I thought this was going to be about how to carry a handgun while wearing sweatpants to a buffet.

I thought they were proposing a new rule limiting how many times a CHL holder could go through the buffet line.

[snatchel]

That would depend on how many extra inches you buy your pants to carry IWB... for me, it is around 3 trips before the excess if filled.

[redlin67]

stop it, you're killing me

[MasterOfNone]

Some people unbutton their pants when they hit the buffet. Others switch from IWB to OWB when they hit the buffet.

[Lambda Force]

I thought it was a rule for shooting a group of attackers.
"Everybody gets firsts before anyone gets seconds."

[C-dub]

I don't do buffets anymore. I can't get my money's worth like I used to.

[saltydog452]

BHO coulda called it the John Kerry rule.

salty

[smoothoperator]

BHO picked a Treasury secretary who was a tax evader. That says it all.