Most News Reports Don't Tell Readers or Viewers How Little Money 'Buffett Rule' or Ev

...Buffett hasn't been entirely consistent in his expressed suggestion. Earlier this year, he wanted a rate of 30%, while his recent Times op-ed suggests 35% for those earning over $10 million. James Pethokoukis estimated in April that the amount which would be raised would be about $5 billion -- "although experience suggests that it won’t raise even that much." The government currently spends $5 billion about every 12 hours, and runs an $5 billion deficit in less than two days.

Similarly, Congress's Joint Committee on Taxation estimated that the Buffett Rule would raise $47 billion over 10 years. Too bad that this 10-year amount, which again may be optimistic, is only about 5% of what is needed to close the realistically projected deficit the government will run in fiscal 2013 alone.


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