Wednesday, March 21, 2012
The Joint Commitee on Taxation yesterday reported that the "Buffett Rule" would generate less than $5 billion per year, less than 0.7% of the deficits projected under President Obama's budget (original letter; updated letter). From The Examiner:
Update #1: Wall Street Journal editorial, The Bottom 0.1%: The Buffett Rule Yields a Pittance:
There goes the Buffett rule. Remember that political gambit, in which billionaire Warren Buffett pretended he was going to pay a much higher tax bill and President Obama pretended that raising rates on millionaires would make a dent in his hemorrhaging budget deficits? In one fell swoop Wednesday, Congress's tax scorekeeper punctured both phony claims. ...
If the Buffett ruse is ever enacted, expect it to become a kind of Super Alternative Minimum Tax, slowly grabbing less affluent taxpayers—perhaps even Mr. Buffett's secretary—as inflation and income growth push people into higher tax brackets. That's where the real money is.
Update #2: Think Progress, Conservatives Falsely Claim the Buffett Rule Would Only Raise a ‘Meager’ Amount of Revenue