RUSH: Jim Geraghty at National Review Online today, the Buffett Rule. They’re changing their tune on the Buffett Rule. The Buffett Rule is it to make sure that every millionaire pays at least a 30% tax rate. Everybody’s run the numbers on this and they have found out that the Buffett Rule would raise an additional $5.1 billion. Okay, $5.1 billion. So the regime is saying it’s not about raising revenue. No, no, no, the Buffett Rule, we’re not about closing the deficit. That’s not the point of the Buffett Rule, no. Fairness.
The regime is acknowledging the Buffett Rule will not reduce the deficit or the debt. They are now stressing that this is fair. It is more fair. It’s right there in The Politico. “The Obama administration is emphasizing ‘fairness’ over deficit reduction in its renewed pitch for the ‘Buffett Rule’ ahead of next weekÂ’s scheduled Senate vote. Introducing a minimum 30 percent income tax on millionaires ‘was never our plan to bring the deficit down and get the debt under control,’ Jason Furman, the principal deputy director of the White House National Economic Council, told reporters on a conference call Monday afternoon. ‘This is not the presidentÂ’s entire tax plan. WeÂ’re not trying to say this solves all our economic problems, all our budget problems.'” This is simple fairness.
All right. Let’s put this in perspective. The Buffett Rule, a minimum 30% tax rate on millionaires, $5.1 billion. If every federal agency cut its budget by just 1%, we’d get $33.6 billion. Now, what makes more sense, a 36% tax rate on millionaires, class warfare, class envy, to generate $5.1 billion and call it fair. Or to simply cut 1%, which is getting rid of some paper clips, 1% cut in the budget of every federal agency would save $33.5 billion dollars, almost seven times what the Buffett Rule would generate in savings.