The Buffett Rule on its surface is a handy political cudgel for the Democrats to use on the weekend talk shows and nice fodder for the Democratic base. In actuality, if imposed, it wouldn't result in any significant increase in tax yield. If my small client base is any indication of the larger picture, the result of higher tax brackets would only mean a shifting of the clients allocation in their portfolios to more tax exempt instruments. The end result of course would be tax revenue neutral and less investment capital available to American business.
If Buffett and President Obama were serious about realizing significant increases in tax revenue from the rich he would advocate eliminating tax free income above predetermined income levels. How do you think that would be received in municipal city halls or state capitols?
The media might have a tad more integrity if the mentioned how much in dollars Romney paid in taxes and how much he donated to tax exempt institutions. That however, is unlikely since it does not mirror the Obama narrative on the subject.