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Picture This: The Buffett Rule vs. Obama's Budget

Posted By Mike Brownfield On April 16, 2012 @ 2:22 pm In Featured | Comments Disabled


President Obama says [2] his “Buffett Rule” — which imposes higher taxes on wealthy Americans and job creators — will help “stabilize our debt and deficits for the next decade.” But if you compare how much money his policy raises with how much he’d like to spend, you get a much different picture.

The Buffett Rule would impose a minimum 30 percent tax on businesses and families earning $1 million. That would bring in $47 billion in revenue in ten years. Next to the President’s budget, which adds $6.7 trillion to the national debt, you can see that Obama’s answer to America’s budget woes isn’t much of an answer at all. Do the math, and you’ll find that the Buffett Rule would cover just 0.7% of all of Obama’s debt and .1% of Obama’s spending.

As you can see, that’s a small drop in a very large bucket.

Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2012/04/16/picture-this-the-buffett-rule-vs-obamas-budget/

URLs in this post:

[1] Image: http://blog.heritage.org/wp-content/uploads/buffett-rule-size.gif

[2] says: http://www.realclearpolitics.com/video/2012/04/15/axelrod_buffett_rule_helps_us_stabilize_the_deficit.html

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