Five points on the Buffett Rule
Posted: April 10, 2012 at 12:30 pm / by Special Contributor
Five quick points before today’s dog and pony show on the Buffett Rule
From American Crossroads
1. The Associated Press completely, thoroughly debunked the premise behind the Buffett Rule in a fact-check last fall. From AP: “On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.”
2. Forbes magazine estimates that for the Buffett Secretary claim to be true, she would have to make between $200,000-500,000 per year — not unheard of for the secretary to the CEO of the world’s eighth largest company, but an amount that would make her a bit, ahem, uncomfortable in Zucotti Park.
3. This proposal is not a policy prescription to fix the deficit, but rather a political wedge Obama is exploiting to change the topic away from his mishandling of the economy. A CNN analysis of the Buffett rule proposal shows it would raise revenue by barely one percent of the federal budget
4. American Crossroads has launched a Facebook petition with targeted advertising behind it to urge Obama and Buffett to put their money where their mouth is and start voluntarily giving more money to the US Treasury.
5. Dessert: While Mr. Buffett is calling for higher taxes on his colleagues, one of his companies is embroiled in a series of lawsuits with the IRS over nearly a billion dollars of allegedly unpaid taxes. (LINK)