Of course it wouldn't raise much money. The Uber-rich do not make their money as ordinary income. They therefore do not pay much in the way of ordinary income tax - even if new, higher tiers are created for them. Warren Buffett wouldn't care if his tier was raised to 100 percent of his ordinary income! That would still amount to a pittance of his total income.
Any idiot would know this - and although the President isn't just any idiot, he knows it too. He's a filthy liar.
Buffett tax wouldn’t raise much money, study finds
March 20, 2012, 4:35 PM
blogs.marketwatch.com
The so-called Buffett rule, a Democratic proposal to make rich Americans pay more in taxes, would barely make a dent in the federal debt, according to a congressional analysis.
The Joint Committee on Taxation says the Buffett tax would raise about $31 billion over the next decade. That’s less than one-tenth of 1% of a projected $7 trillion-plus increase in the federal debt over that time. Read article on the analysis.
The Buffett rule is the name given by President Obama to his idea of making sure rich Americans pay their “fair” share of federal taxes. His proposal is backed by billionaire Warren Buffett, the famed investor of Nebraska and a supporter of the president. Under the plan millionaires would be required to pay at least 30% of their income in federal taxes.
More: http://blogs.marketwatch.com/election/2012/03/20/buffett-tax-wouldnt-raise-much-money-study-finds/
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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