My Buffett Rule

The President's Buffett Rule will not yield significant revenue for the federal government, but he's going to push class warfare anyway. Even under his rule, Mitt Romney, for instance, would not pay a higher marginal rate than Buffet's secretary because Romney gives huge amounts to charity. These donations, while laudable, will also become more valuable under Obama's proposal because while he insists on raising rates, he does nothing to close loopholes. In fact, the President has done nothing to reform our execrable tax code, just one more reason he doesn't deserve re-election.

So here is a Buffett rule that would help everyone. Tax all sources of income, including corporate profits at some number around 18%. Allow a standard deduction and no other deductions and voila, Buffett is paying more than his secretary. Real tax reform would broaden the base of taxpayers, and result in a more efficient system. Under my proposal, the federal government would see rising revenue as tax avoidance strategies are nullified and as the benefits of a simple tax code with low rates translates into real economic growth; as opposed as to what we have seen under Obama.

The fact that taxing investments at a higher rate would harm the economy means little to the President. The fact that the tax will do little for closing the deficit means little to the President. The fact that this proposal is pure politics that does nothing to fix the long standing problem of a too complex tax code is more evidence that the President is not fit to be re-elected.