WhatFinger


Buffet Rule

Tricks of the Democrats’ trade



The legislation currently languishing in the Senate, the so-called ‘Buffet Rule,’ isn’t really designed to reduce the deficit by any amount, but rather serves as a ruse to position the Republicans as not caring for anyone but the rich in anticipation of this year’s elections. Two out of three Americans are in favor of charging millionaires more taxes because, A) millionaires can afford it, B) it doesn’t cost the middle class a dime and C) the president said it would reduce the deficit.
According to the Congressional Budget Office, the Buffet Rule would raise approximately $5 Billion per year in added revenue. If you divide that added revenue into this year’s deficit, it would take approximately 250 years to eliminate the $1.25+ trillion deficit Obama racked up just in the past 12 months! So there never was any intent to utilize this thin gruel as a real tool to help manage the country’s finances. What’s more, given that the American tax code currently runs to some 65,000 pages, does anyone really believe this legislation will raise one extra dime in government revenues? Those 65,000 pages contain enough loopholes to make any potential additional revenue go up in thin smoke at the talented hands of sly tax lawyers and accountants. What the Buffet Rule will achieve is a further degradation of economic activity, as those targeted millionaires will keep their money in the bank, rather than risk it investing in new business activities with substantially reduced return on investment because of the tax. As those millionaires keep their money parked, economic activity will slow, the demand for workers will decline and unemployment will increase. But hey, so long as Obama can get reelected to continue his fundamental transformation of America, what’s a few million more unemployed if it’s all in a good cause?

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I’ve long held that lib-leftists talk in images and not ideas, which if you’re dealing with an electorate that’s slowly been dumbed down over the past 60 years is a pretty effective way to maintain power. All you have to do is show them an image of the Monopoly guy with his top hat and monocle, and people understand that he represents the other, the 1% about which the supposed 99% are so pissed off. Problem is that the top hat and monocle are just images carried over from the Great Depression. Today’s millionaires don’t look anything like that. Nor are they rolling in the kind of dough the president would have you believe. They’re mostly small business owners, who admittedly do well, but not so well they can be milked without effect. Rather than expand their businesses, which entails significant risk, they’ll leave whatever capital they have in T-bills that earn nothing, safe in the knowledge that this action has neither an upside nor a down side. But there is a real down side and it will affect all those the president and his toadies are claiming they want to help. There will be fewer jobs and less revenue for the government. But then, neither of these considerations is important to the Democrats. All they want is a way to keep Obama in power. And what better way to do that than to portray Republicans as tools of the idle rich?


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Klaus Rohrich -- Bio and Archives

Klaus Rohrich is senior columnist for Canada Free Press. Klaus also writes topical articles for numerous magazines. He has a regular column on RetirementHomes and is currently working on his first book dealing with the toxicity of liberalism.  His work has been featured on the Drudge Report, Rush Limbaugh, Fox News, among others.  He lives and works in a small town outside of Toronto.

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