A few thoughts about the Buffet Rule just before it goes down to defeat, this coming week.

You should know that the millionaire tax increase,  the so-called Buffet Rule,  actually applies to couples making 250,000 dollars and single wage earners making $200,000. The first reference, below,  has the facts of Obama's proposal wrong. We understand why, however.  The paper was just quoting Obama.   It is even specific about the number of millionaires included.  What is not mentioned, by Obama, is the fact that  70 percent of all small business owners will be rolled into this tax increase.  That  is why the Senate is prepared to vote this bill down,  this coming week.  And to think,  we have had to listen to all that talk from Obama,  for nothing.

The "Buffet rule" is so much more than what Obama is pretending it to be.

We begin with the story from the Washington Free Beacon:

His most recent tax proposal—the so-called “Buffett Rule”—would increase taxes on about 4,000 millionaires and raise about $4.7 billion in new revenue per year, enough to cover about 0.4 percent of the projected budget deficit in 2012. Though the rule would apparently not hit the president himself.

But, we have to go to a second news source before we discover that we are not being given the "rest of the story."

"The bill would keep the tax rates unchanged for those making under $250,000 a year."  Yahoo News.


The National Review adds these insights.  The entire article is worth the read.  


The Buffett Rule would function as a secondary alternative-minimum tax, putatively to accomplish what the primary alternative-minimum tax has failed to do: sock it to billionaires (“billionaires” here being defined in some instances as “individuals making $250,000 a year,” which is mathematically suspect). The case for the Buffett Rule is built upon a myth cultivated by President Obama, by Warren Buffett, and by many of their supporters and admirers: that high-income Americans pay lower tax rates than middle-class Americans. This is a falsehood, one that has been amply documented with data from the tax experts at the IRS and by the nonpartisan Congressional Research Service.


I would take time to tie this whole tax scheme to the failure of the AMT and the disgusting situation that deceptive tax has become,  but why?  All this nonsense will be over this coming week.  A Democrat controlled Senate will kill the bill,  or so we are told,  and that will be the end of the matter,  unless, of course, Obama is able to fool the voting public a second time.