Obama's Lies on the Buffet Rule

Let's do the math. The Joint Committee on Taxation estimates that the so-called Buffett Rule-tax would yield between $4 billion and $5 billion a year.  Hmmm.....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 deficit for 2011 alone. 


As an approach to our mountain of debt, the Buffett Rule is a farce, and yet Obama repeated the ridiculous claim again last month, "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.  [Notwithstanding the ObamaCareTax of $1.7 trillion, the largest tax increase in U.S. History - thank you SCOTUS].


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. 


As El Presidente said, "This is not just about fairness. " "This is also about growth." Three years ago, Obama promised universal health care tax that saves money.  Today, he offers a capital gains tax hike that spurs economic growth. This is free-lunch egalitarianism.