Report: 'Buffett tax' would raise only $31B over 11 years

[Teh One Who Knocks]

By Alan Fram, Associated Press


http://i.imgur.com/cuJfv.jpg

WASHINGTON – A bill designed to enact President Barack Obama's plan for a "Buffett rule" tax on people earning more than $1 million a year would rake in just $31 billion over the next 11 years, according to an estimate by Congress' official tax analysts obtained by The Associated Press.

That would be a drop in the bucket of the more than $7 trillion in federal budget deficits projected during that period.

The figure is also minuscule compared to the hundreds of billions the government earns from the alternative minimum tax or AMT, which Obama's budget last month said he would replace with the Buffett rule tax.

The alternative minimum tax, originally aimed at ensuring that wealthy Americans pay taxes despite deductions and other breaks, has begun affecting upper-middle-class families, and Congress acts every year to minimize that impact.

In an analysis provided to The AP on Tuesday, Congress' Joint Committee on Taxation estimated that a bill introduced last month by Sen. Sheldon Whitehouse, D-R.I., to enact Obama's proposal into law would collect $31 billion over 11 years.

Obama has proposed requiring that people earning $1 million or more annually pay at least 30% of their income in taxes.

The plan is named for billionaire investor Warren Buffett, who has said that many wealthy people pay taxes at a lower rate than those in the middle class.

The proposal has become a leading symbol of Obama's and congressional Democrats' election-year efforts to persuade voters that they are championing economic fairness. Republicans have mocked the proposal as one aimed at scoring political points that would have little real budgetary impact.

"Now that we have this analysis, I hope the president will stop the class warfare and start leading by putting out real proposals to bring down our debt, get rid of the AMT and reform our broken tax code," said Sen. Orrin Hatch of Utah, top Republican on the Senate Finance Committee.

Hatch's committee aides requested the study.

Sen. Whitehouse said other groups, including the respected bipartisan Tax Policy Center, have estimated that the proposal could bring in more than $31 billion

"No matter how you slice it, that's real money that could help bring down our deficit. Most important: It's simply the right thing to do," he said.

Whitehouse's bill would require people making at least $2 million a year pay at least 30% of their earnings in taxes, though they could deduct certain amounts for charitable contributions. The tax would be phased in for people earning at least $1 million annually.

Obama has not spelled out details of how his proposal would work.

[Acid Trip]

Democrats never spell out the details because their Math skills suck balls.

Democrat claim "The healthcare bill will only cost 900 Billion during the first 10 years." In the real world the actual cost is 1.8-1.9 Trillion.

Democrat claim "The Buffett rule will solve our debt problems because the god damn rich don't pay enough in taxes." In the real world the Buffett rule only produces an extra 31 Billion over 10 years. If that's a solution to our debt problems then I have some land in Florida I'd like to sell you.

[Muddy]

Democrats never spell out the details because their Math skills suck balls.

Democrat claim "The healthcare bill will only cost 900 Billion during the first 10 years." In the real world the actual cost is 1.8-1.9 Trillion.

Democrat claim "The Buffett rule will solve our debt problems because the god damn rich don't pay enough in taxes." In the real world the Buffett rule only produces an extra 31 Billion over 10 years. If that's a solution to our debt problems then I have some land in Florida I'd like to sell you.


So wheres the Republican balanced budget?

[Teh One Who Knocks]

So wheres the Republican balanced budget?

Why are you trying to change the subject? The President and his minions all claim that this new tax was our salvation, it was going to help get rid of out debt and pay for everything.

$31B over 11 years is like me getting an extra nickel each year in my pay.

[DemonGeminiX]

Pardon the tangent, but there was something on this morning on one of the news stations saying how the Republicans were proposing lowering taxes on overseas incomes (basically manufacturing and sales overseas) for companies within the US. I thought the point would be to raise those taxes and lower the taxes on local income (basically having manufacturing here in the US) to make returning jobs to the US more profitable for companies.

Yea/Nay?

[Muddy]

Why are you trying to change the subject? The President and his minions all claim that this new tax was our salvation, it was going to help get rid of out debt and pay for everything.

$31B over 11 years is like me getting an extra nickel each year in my pay.

So what do all your minions claim?

[PorkChopSandwiches]

Pardon the tangent, but there was something on this morning on one of the news stations saying how the Republicans were proposing lowering taxes on overseas incomes (basically manufacturing and sales overseas) for companies within the US. I thought the point would be to raise those taxes and lower the taxes on local income (basically having manufacturing here in the US) to make returning jobs to the US more profitable for companies.

Yea/Nay?
Why would we want to encourage businesses to stay in the US? :roll:

[FBD]

So wheres the Republican balanced budget?

Read Paul Ryan's new proposal ;) Its approaching realistic, and I have to repeat the best fookin comment I heard about it: it will make leftists and democrats shriek like a wild spotted owl having boiling water tossed on it :lol:

[Acid Trip]

So wheres the Republican balanced budget?

It's been over 1000 days since the Democrat controlled government passed ANY kind of budget and you're pressing Republicans for a balanced one? That's one heck of a double standard.

Paul Ryan came out with a detailed plan to save Social Security and he was mocked because he used real numbers which weren't pretty. Herman Cain came out with a feasible income tax/budget plan and he was quickly turned into a circus sideshow.

Now why would any Republican put themselves through that kind of scrutiny (in an election year) when the other party is already digging their own grave?

[Teh One Who Knocks]

So what do all your minions claim?

Firstly, I have no minions, nor do I have any power, I'm not in office ;)

Second, see below:


Read Paul Ryan's new proposal ;) Its approaching realistic, and I have to repeat the best fookin comment I heard about it: it will make leftists and democrats shriek like a wild spotted owl having boiling water tossed on it :lol:

Two years in a row now Paul Ryan has put forth an actual budget that would start getting our debt under control while the Senate, who is controlled by democrats and is supposed to pass a budget, hasn't done so for going on four years now.

And to be even more hypocritical, the President put together the Simpson-Bowles commission who's job it was to put forth a way and means to get the debt under control and put this country back on track for solvency. They met and they came back with a deal that would have done so and would have hit everyone equally, so instead of taking it up, the President summarily dismisses it without debate and instead focuses on class warfare.

We don't have a President, we have a Campaigner-In-Chief....that's all he cares about.

[FBD]

Not to mention, Obama is the only Democrat to have put forth a budget - just one - and it was so preposterous that even in this democrat controlled senate it got voted down 97-0.

I'm pretty sure Harry abstained :lol:

:lol: did Al Franken abstain also?

one other... :rofl:

...and then Turbo Timmy tells us "we dont really have a plan, but we do know that we dont like yours"
its just too much. Obama is going to lose in an utter landslide, it doesnt matter if its santorum, romney, or gingrich.

[Teh One Who Knocks]

Not to mention, Obama is the only Democrat to have put forth a budget - just one - and it was so preposterous that even in this democrat controlled senate it got voted down 97-0.

I'm pretty sure Harry abstained :lol:

:lol: did Al Franken abstain also?

one other... :rofl:

That was hilarious....and he wasn't even going to release a budget at first but Paul Ryan forced his hand by releasing one. It's just sad is what it is....especially when he campaigned on being bi-partisan saying he was gonna bring both parties together. In my lifetime there hasn't been a more partisan President than Obama.

[Muddy]

As soon as the Republicans put something forth that not as damaging or better for this country, I'll start hyukl hyuk hyuking right there with you.. Until then It's a lousy worn out joke.

[Teh One Who Knocks]

Yup, much better to keep your head in the sand and let the government just keep printing money....if they aren't outta paper, they aren't outta money :thumbsup:

Or just come right out and say you refuse to educate yourself on Paul Ryan's budget because it's just easier to mock it...

[Muddy]

EXACTLY! :lol:

[Acid Trip]

As soon as the Republicans put something forth that not as damaging or better for this country, I'll start hyukl hyuk hyuking right there with you.. Until then It's a lousy worn out joke.

Here is what Ryan's new budget (announced yesterday) would look like when compared to the one Obama put out.


http://i.imgur.com/aMO1Y.jpg


Here is an article about Ryan's new budget.

http://www.washingtonpost.com/business/economy/gop-budget-plan-cuts-deeply-into-domestic-programs-reshapes-medicare-medicaid/2012/03/20/gIQAxFbQPS_story.html

[Muddy]

The man that has the budget (and that also has a chance in hell at getting it passed) is the man that's going to get my vote..

[Acid Trip]

And how do the Democrats respond to Ryan's budget proposal? Call him (and anyone who agrees with him) stupid and ignorant.

White House Press Secretary Jay Carney didn't pull any punches in his attack on Paul Ryan's budget, as he declared that supporters of the budget -- and by extension, Ryan himself -- are "aggressively and deliberately ignorant" about the need for green energy and other programs slated for cuts.

"You have to be aggressively and deliberately ignorant of the world economy not to know and understand that clean energy technologies are going to play a huge role in the 21st century," Carney said after decrying the clean energy spending cuts in Ryan's plan. "You have to have severely diminished capacity to understand what drives economic growth in industrialized countries in this century if you do not understand that education is the key that unlocks the door to prosperity," he added.

Carney concluded that "the budget proposed by Chairman Ryan and supported overwhelmingly already by Republicans suggests that those problems" -- aggressive ignorance and diminished comprehension -- "exist in the minds of the supporters of that plan."

[Muddy]

I saw that.. But really.. As FBD pointed out.. If its not something that everyone can live with, it will never fly.. And he said something about pissing the democrats or something off.. That's not the solution! A right wing plan to counter the left!!! That further divides everyone.. Give us a good plan we all can live with!!!

[FBD]

Muddy, do you have any idea of what the country's finances look like?

Where is the compromise to be had - people that are realistic about what the country owes want it to stop. People that think we can just keep spending to arbitrary levels and we'll just finance it are delusional and they think its no big deal to just "make the rich pay for it" and not even address the issue of the government spending too much.

I think its time for compromise, yes - its time for the democrats to start compromising, its time for them to get realistic and admit they are irresponsible spendthrifts that dont think balancing the nation's checkbook is remotely necessary.