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Krauthammer: Buffett rule an EVASION of tax reform

by on April 16, 2012

Let’s do the math. The Joint Committee on Taxation estimates this new [‘Buffett Rule’] tax would yield between $4 billion and $5 billion a year. If we collect the Buffett tax for the next 250 years — a span longer than the life of this republic — it would not cover the Obama deficitfor 2011 alone. As an approach to our mountain of debt, the Buffett Rule is a farce. And yet Obama repeated the ridiculous claim again this week. ‘It will help us close our deficit.’ Does he really think we’re that stupid? Hence the fallback: The Buffett Rule is a first step in tax reform. On the contrary. It’s a substitute for tax reform, an evasion of tax reform. In three years, Obama hasn’t touched tax (or, for that matter, entitlement) reform, and clearly has no intention to. The Buffett Rule is nothing but a form of redistributionism that has vanishingly little to do with debt reduction and everything to do with re-election. … For Obama, fairness is the supreme social value. And fairness is what he is running on — although he is not prepared to come clean on its price. Or even acknowledge that there is a price. Instead, Obama throws in a free economic lunch for all. ‘This is not just about fairness,’ he insisted on Wednesday. ‘This is also about growth.’ … Three years ago, Obama promised universal health care that saves money. Today, he offers a capital gains tax hike that spurs economic growth. This is free-lunch egalitarianism.” –columnist Charles Krauthammer

One Comment
  1. Anonymous permalink

    Tax the rich is the mantra now, but that won’t suffice. Even that isn’t enough to come near to balancing the budget. They’ll need to keep going, and then who’s next? The middle class that’s who. In order to balance the budget with tax hikes, taxes would need to be increased substantially on the middle class. So that’s what’s next folks. If you fall for the tax-the-rich mantra, that’s what’s next…the middle class. Don’t fall for it!

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