The Campaign Spot

Election-driven news and views . . . by Jim Geraghty.

A 1% Spending Cut Is Six Times As Effective as the ‘Buffett Rule’


Obama’s solution to health care costs? Raising taxes on tanning salons and medical device manufacturers.

Obama’s solution to high gas prices? Raising taxes on oil companies.

Obama’s solution to a struggling economy? Raising taxes on investors through the “Buffett Rule.”

Notice a pattern here?

Of course, even if the “Buffett Rule” were enacted, the amount of revenue to the government is miniscule compared to both the annual deficit and our accumulated debt.

Savings from instituting the “Buffett Rule” in one year, according to the Joint Committee on Taxation: $5.1 billion.

By 2022, the committee estimates the Buffett Rule could be generating an additional $7 billion in revenue.

Savings from cutting federal spending from its fiscal 2011 level by one percent: $33.6 billion.

In other words, asking every federal agency and department to get by with 99 percent of what it received last year would generate six times the savings of the Buffett Rule.

Tags: Barack Obama , Warren Buffett


Subscribe to National Review