The Impact of the Buffet Rule

BLOOMBERG: Obama's Buffett rule impact on taxes, jobs   "....Q: How does that compare to lower earners?

A: On average -- and that is the key -- the rich pay higher rates. The center computes that families earning $30,000 to $40,000 owed an average 6 percent of it in income and payroll taxes last year. People making $50,000 to $75,000 owed an average 12 percent, while those making $75,000 to $100,000 paid an average 13 percent.

"Q: Then what's the problem?"....Read on...

Several from Heritage: Tax Gimmicks, Tax Doom   "Even some of the President’s friends on the left are seeing the Buffett Rule for the ploy that it is. Last week, liberal Washington Post columnist Dana Milbank devoted an entire column to “Rebuffing Obama’s gimmicky ‘Buffett Rule,’” picking it apart as flawed policy and political rhetoric, noting that even White House reporters are “tiring of the theme.” Milbank concludes that, “Obama’s prioritization is no mystery: The populist Buffett Rule polls well. This explains its inclusion in countless presidential speeches and statements.” "

(Emphasis added)

The Foundry: The Tax Burden on American Households  

"Americans who are scrambling to pay their taxes by Tuesday’s deadline are in store for more depressing news: The tax burden on American families has risen dramatically and will continue to climb into the future without action from Congress. This week’s chart outlines the growth of taxes over the past 45 years."
Why Unions Want Higher Taxes  "Raising business taxes in a weak economy costs private-sector jobs—but that does not deter government unions. Higher taxes still means more for them."

‘Buffett rule’ is producing Capitol gains   "The GOP has rebutted by arguing that the tax is a distraction that will punish small businesses and won’t create jobs, though they fear an even more bruising fight later this year when the George W. Bush-era tax cuts are due to expire."


Boortz: Voting on the Buffett Rule today  "Remember ... there have been sociological studies that have shown that people will actually pay -- give up money out of their own pockets --- if the government will promise to take even more away from the rich.  That’s the level and the nature of wealth envy in the U.S. today." 


Mark Steyn: Buying ‘Buffett Rule' makes you a fool  "The Obama No-Plan plan means the end of everything. That really ought to be the only slogan the Republicans need this fall:"