NewsBusters: Media Exaggerates Deficit-Reducing Impact of a Buffett Rule Tax

by Colonel on November 30, 2012

The savings are relatively small compared to the Federal Government’s exorbitant spending, albeit 16 times more in annual savings than de-funding National Public Radio (NPR):

“Neither mentions the pathetically small amount such a tax would raise while seriously impacting the ability of high income earners who own or run businesses to expand them — or in some cases causing them to shrink.

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.

” — Tom Blumer, Copyright 2012 NewsBusters

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