No matter how often it’s repeated, it’s a lie that the
Buffett rule will cut deficit or increase the money available for
Washington, DC to spend. The highest I’ve seen is $47 Billion dollars
over 10 years in revenue from the Buffett tax increase. That’s less
than one day of current *deficit* Federal spending.
The entire premise is a lie. The capital gains taxes are taxed at the
corporate rate prior to bring dispersed to investors. And they’ve
already been taxed as income from the investors.
Taxes are punishment for achievement and investment. The Buffett rule
– while sparing Buffett’s own tax shelters, the foundations run by his
kids – is a disincentive for investors and punishment for the risk
required to achieve.
For more information – proof of the Big Lie – on the rates and the amounts that “the rich” pay in taxes, take a look at what the Congressional Budget Office says about taxes and income levels:
- “The overall federal tax system is progressive—that is, average tax rates generally rise with income. Households in the bottom quintile (fifth) of the income distribution paid 4 percent of their income in federal taxes, while the middle quintile paid 14 percent, and the highest quintile paid 25 percent. Average rates continued to rise within the top quintile, with the top 1 percent facing an average rate of close to 30 percent.
- “Higher-income groups earn a disproportionate share of pretax income and pay a disproportionate share of federal taxes. In 2007, the highest quintile earned 56 percent of pretax income and paid 69 percent of federal taxes, while the top 1 percent of households earned 19 percent of income and paid 28 percent of taxes. In all other quintiles, the share of federal taxes was less than the income share. The bottom quintile earned 4 percent of income and paid less than 1 percent of taxes, while the middle quintile earned 13 percent of income and paid 9 percent of taxes.”