The Buffett rule: Taxing the wealthy

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???????

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.