The Hill News

President Obama recently rolled out a new “Buffett Rule” tax hike proposal. Will his Buffet Rule raise enough money to pay for the overspending of the Bush-Obama years? Not according to Congress’ official scorekeeper, the Joint Committee on Taxation. It projects that the Buffett Rule will raise just over $30 billion in tax revenue over the coming decadeâ€"less than one-tenth of one percent of all federal revenues over this period. It’s a rounding error, not a serious tax proposal. The Buffett Rule would also apply to successful small businesses that pay taxes in the individual tax system. Because the Buffett Rule tax hike won't bring in any new federal revenues to speak of, President Obama's $6.7 trillion in projected deficits will still have to be paid forâ€"making the Buffett Rule little more than a stunt. He won't tell you this before the election, but a second Obama term will feature a massive tax hike on working families, not just "the rich."

This ! proposal would require all income earned over $1 million to face a tax rate of 30 percent. This is a political stunt which pretends to ignore the reality of how steeply progressive our current tax system is.

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