Report: Just $31B From Buffett Rule Tax On Rich

WASHINGTON (AP) — A bill designed to enact President Barack Obama’s plan for a “Buffett rule” tax on the wealthy would rake in just $31 billion over the next 11 years, according to an estimate by Congress’ official tax analysts obtained by The Associated Press.

That figure would be a drop in the bucket of the over $7 trillion in federal budget deficits projected during that period. It is also miniscule compared to the many hundreds of billions it would cost to repeal the alternative minimum tax, which Obama’s budget last month said he would replace with the Buffett rule tax.

Read more from NPR

SideBear: As they said…”a drop in the bucket”. $31 billion would cover about three days of government spending.

Comments

  1. DocNeaves says:

    Which illustrates two problems.

    One, the rich can’t support us with taxes, only jobs.

    Two, EVERYONE, and I mean EVERYONE, needs to pay taxes. We all need to pay the exact same amount in taxes, until they make taxes voluntary.

    Some would say that the spending is the problem. Well, you can spend all day if you have enough income. Most of the complaints about spending aren’t genuine, because everyone has something they think the government should be spending money on. I’d like to eliminate socialism, but I can’t do that, because socialism lives on in all of us, and always will.

Speak Your Mind