The Campaign Spot

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

The Buffett Rule Would Impact . . . 4,000 Taxpayers?


If the “Buffett Rule” would impact only 4,000 Americans, could we just contact those 4,000 taxpayers individually and ask them to voluntarily kick in some extra to pay down the debt? I’ll bet a bunch of them would do that. In fact, I’ll bet the president can ask them directly, in person, as almost certainly a bunch of them can be found at Obama’s $35,800-per-head fundraisers.*

This Bloomberg News report notes that about 4,000 Americans reported having income exceeding $1 million and paying a 15 percent tax rate.

Of the top 400 earners, 66 percent paid more than the 15 percent that is considered the average of a secretary.

* $35,800 is the maximum an individual can donate in one cycle ($2,500 to the candidate’s campaign for the primary, $2,500 to the candidate’s campaign for the general election, and $30,800 to the national committee total for the cycle), but Obama and his allies have found a way to permit candidates to give even more:

The White House did not release the names of the $45,000 ticket purchasers. It said the money would go to the Obama Victory Fund 2012, which is a joint project of the Obama campaign and the Democratic Democratic National Committee, as well as the Swing State Victory Fund.

The Swing State Victory Fund is a new operation set up by the campaign a few weeks ago that “will allow supporters who would like to contribute to individual state efforts to elect the president and Democrats up and down the ballot,” an Obama campaign official told The Hill in a statement last month.

Tags: Barack Obama , Warren Buffett


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