The Administration has spent so much time pushing a “Buffett Rule” to increase taxes on “millionaires and billionaires,” you’d think that it would actually close the $1 trillion+ budget deficit. Think again. The Congressional Joint Committee on Taxation projects that it would raise $46.7 billion — not in one year, but cumulatively over 10 years. (Via the TaxProf).
The talk of raising taxes on “the rich” isn’t serious. They simply don’t have enough money to pay the bills, and the U.S. tax system is already highly progressive. If spending doesn’t come down, only a broad-based tax increase, like a VAT, will cover the tab. But the politicians don’t want to admit this, so they point fingers at the “1%” so we won’t notice how fast they are spending our money.