...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
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