Obama Is Refusing To Have His Buffett Rule Scored Because It’s Not The Money-Saver He Claims

President Obama: “Tax Reform Should Follow The Buffett Rule. If You Make More Than $1 Million A Year, You Should Not Pay Less Than 30 Percent In Taxes.” (President Barack Obama, Remarks By The President In State Of The Union Address , 1/24/12)

OBAMA DOESN’T WANT TO DISCUSS THE BUFFETT RULE’S IMPACT BECAUSE IT WON’T EVEN “DENT THE DEFICIT OR THE DEBT”

“President Barack Obama Has Left Unanswered A Major Question About His Buffett Rule Tax On Millionaires: Just How Much Money Would It Raise?” “President Barack Obama has left unanswered a major question about his Buffett Rule tax on millionaires: Just how much money would it raise? Administration officials are not releasing projected revenues from the much-hyped plan named after billionaire investor Warren Buffett. During the State of the Union address, Obama tied his proposal - which would tax those earning $1 million at a minimum of 30 percent - to cutting a deficit estimated to top $1.1 trillion for the fourth straight year. But for the moment, the White House wants to keep the attention focused on Obama’s argument that it’s unfair to tax Buffett’s secretary at a higher rate than her boss.” (Josh Boak, “Buffett Rule’s Impact? W.H. Won’t Say,” Politico, 1/26/12)

The Tax Foundation’s Economist David Logan: “It’s An Insignificant Revenue Gain … I View It More As A Political Tool Than Anything Else, Because It Doesn’t Raise Enough Revenue To Dent The Deficit Or The Debt.’” “On average, someone hauling in $1 million a year might have fork over another $50,000 to Uncle Sam. That’s a sizable tab for individuals but not a lot for the government, said David Logan, an economist at the Tax Foundation, a Washington, D.C. think tank. ‘It’s an insignificant revenue gain,’ he said. ‘I view it more as a political tool than anything else, because it doesn’t raise enough revenue to dent the deficit or the debt.’” (Josh Boak, “Buffett Rule’s Impact? White House Won’t Say,” Politico, 1/26/12)

• The Tax Foundation Estimates The Buffett Rule Would Far From “Make A Serious Dent In The National Debt.” “One outside analysis by the non-partisan Tax Foundation indicates the rule would generate another $36.7 billion a year in revenue - far from enough to make a serious dent in a national debt of $15 trillion.” (Josh Boak, “Buffett Rule’s Impact? White House Won’t Say,” Politico, 1/26/12)

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