04.11.2012 in ALG Videos, Media by Frank McCaffrey 4

The Buffett rule: Taxing the wealthy

By Frank McCaffrey — President Barack Obama has been pushing for the “Buffett Rule.” It is the concept of taxing people who make over a million dollars. It may sound good, but there are a number of flaws with it.

  • DocFreeman

    According to a recent analysis by the congressional Joint
    Committee on Taxation, the Buffett Rule would raise a mere $47 billion over ten
    years. Meanwhile, President Obama’s budget calls for adding $6.7 trillion to
    the national debt. That means that the Buffett Rule will only cover one half of
    one percent of the President’s new spending. Soaking the rich cannot get
    deficits down, only spending reductions can do that.

     

    We have a National Debt of $57.2 TRILLION DOLLARS right
    now.

     

    So the Buffet Rule will help how???????

  • http://www.facebook.com/jon.venuto Jon Rosario Venuto

    Whats next? The immelt/madoff  rule?  They do not pay their “fair share” of taxes. . . 

  • CTConservative47

    What is it about these super rich people like Buffet who spend their remaining days making it harder for small business people to achieve a small part of the success they have  achieved?  In my opinion, Buffet is vastly overrated as a money manager.  he had a few good years, but mostly just sits on piles of money, maming no-brainer conservative investments.

    The fact is, we give him far too much credit.  It’s as Thomas Sowell points out in his book  “Intellectuals and Society.”  While they may have some expertise in one narrow specialty, they can be blooming idiots when they venture into other areas.  OUr problem is out-of-control spending, and taking the rich punitively will not even begin to solve the problem.  For so much to be made of taxing the rich (which Obama originally meant to include all those making $250,000 or more) misses the point.  Excessive spending will drown us all eventually, including the middle class that the CBO projected would have to pay a 63% marginal rate by 2080 to pay for the trajectry of existing entitlements.

  • Joe

    I am from Omaha, Buffet’s “home town” and since he’s jumped into Obama’s lap done considerable reasearch on him. While the claim that he pays “less taxes than his secretary” may be true because of different types of income, his investing, her’s hourly wages.
    However, what they do not go into here is that Buffet’s company, Berkshire Hathaway, is in court and fighting in litigation for BACK TAXES FOR THE LAST EIGHT YEARS!!

    Buffet’s rule: I am a billionaire, a few hundred thousand for my lawyers and I can afford the courts, it’s really no skin off my nose.

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