1. Welcome to Baptist Board, a friendly forum to discuss the Baptist Faith in a friendly surrounding.

    Your voice is missing! You will need to register to get access to all the features that our community has to offer.

    We hope to see you as a part of our community soon and God Bless!

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

Discussion in 'News & Current Events' started by Revmitchell, Nov 29, 2012.

  1. Revmitchell

    Revmitchell Well-Known Member
    Site Supporter

    Feb 18, 2006
    Likes Received:
    ...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.

    Read more: http://newsbusters.org/blogs/tom-bl...ewers-how-little-money-buffett-#ixzz2DgAnrWPM