Buffett Rule would add nearly $800 billion to deficit over the next 10 years

How is that possible? First, the measure would raise less than $5 billion a year (the CBO scored it even less at $3.2 billion). But Democrats in the senate want to use the Buffett rule to replace the Alternative Minimum Tax for middle class taxpayers. This would add significantly to the deficit. Wall Street Journal: The case for the Buffett tax keeps eroding. When President Obama announced the idea, he said it would help "stabilize our debt and deficits over the next decade." Then came the inconvenient revelation that the new 30% millionaire's tax would raise only $46.7 billion over 10 years, and would leave about 99.5% of the deficit intact in 2013. It was a far cry from "stabilizing the debt." Now we learn that the Buffett tax the Senate is expected to vote on early next week will make the deficit worse. That's because both Mr. Obama and Senate Democrats have made it clear that their new "fairness" tax is to offset the revenue loss from another provision related to the...(Read Full Post)