Government Spending

AP: "Buffett Rule" Would Raise Just $3 Billion Per Year

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Caption contest!

From the Associated Press:

A bill designed to enact President Barack Obama's plan for a "Buffett rule" tax on people earning more than $1 million a year would rake in just $31 billion over the next 11 years, according to an estimate by Congress' official tax analysts obtained by The Associated Press. That would be a drop in the bucket of the over $7 trillion in federal budget deficits projected during that period.

The figure is also miniscule compared to the many hundreds of billions the government earns from the alternative minimum tax, which Obama's budget last month said he would replace with the Buffett rule tax.

Reason on Warren Buffet here, on the AMT here.

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  1. just $31 billion

    *pounds head on desk*

    1. When compared to the rate the debt will increase, it’s sadly an appropriate use of the word.

  2. I had no idea they awarded The Lifetime Achievement in Rent-Seeking Award any longer. Good for you, Buffie.

    1. No, you idiot, that’s The Lifetime Achievement in Taint Cleanliness Award. The Lifetime Achievement in Rent-Seeking Award has a red ribbon, you buffoon.

      1. The Lifetime Achievement in Taint Cleanliness Award is the color of your tongue. Everyone knows that.

        1. Right, blue. Not quite coincidentally, it’s exactly the color of your scrotum.

          1. Sorry about the dye transfer, sacklicker.

      2. FOOL! IT IS THE URKOBOLD’S HEAVY MEDAL OF TROLLING, AWARDED TO THE BEST TROLL EACH YEAR. . .OTHER THAN THE URKOBOLD.

        FOR 2012, THE URKOBOLD HIRED AN OBSCURE, WELL-SPOKEN BLACK MAN TO GIVE OUT THE PRIZE.

        1. What heavy metal?

          1. HEAVY MEDAL, YOU WEAK-TAINTED FOOL, BUT THE URKOBOLD WILL STOOP TO ANSWER YOUR ERRONEOUS QUESTION: CADMIUM.

  3. The best part is that after the medal is hung around his neck, a newly repaired R2D2 trundles out on stage. Then Michele roars in joy and everybody cheers.

    1. Later, John McCain is revealed to be his father and throws Sarah Palin down a bottomless pit.

    2. Dude, you get about 1000 points for making Michelle a Wookie.

      1. I must admit I am not the first here to make that comparison.

      2. Dammit! She’s a klingon!

        Did you ever see Worfs wife?

        and also:

        Star Trek >> Star Wars

        1. Both of Worf’s wives were pretty attractive. Including the partially Klingon one.

          1. Only ProL would find Klingon females attractive. You probably think STEVE SMITH is cute.

            1. “For a Klingon” was implied, of course. She was also a Vulcan once. Weird.

              1. You can’t claim implications after the fact, Klingon-lover. God, you’re disgusting. What next, Ferengi?

                1. On the plus side, they’re always naked and won’t talk back.

            2. I’d be more concerned if ProL found Ferengi women attractive.

              James Fucking Tiberius Kirk, OTOH…

              1. I’d be more concerned if ProL found Ferengi women attractive.

                It’s all a sickly, pulsating green inside, man.

                1. FERENGI DO IT THROUGH THE WORMHOLE!

                  1. C’mon, Worf’s first wife was good-looking, for a half-Klingon anyway.

                    1. The scene where they fight and then he drives her fingernails back into her palms (drawing blood) was strangely hot.

                      http://images2.wikia.nocookie……Ehleyr.jpg

          2. If your into big foreheads (fiveheads, even) with interesting nodules.

            1. I know I am!

      3. Personally I would have made her a tauntaun. You know, because she has BO.

      4. “Dude, you get about 1000 points for making Michelle a Wookie.”

        No. I did that.

    3. outstanding….still laughing at the visual

  4. Mr. Buffett, I don’t use the word ‘hero’ lightly, but you are the greatest hero in American history.

      1. I really miss that character and Troy McClure. RIP Phil Hartman.

        1. Works on contingency? No, money down!

          1. Kentucky burbon, brownest of the brown liquors. What’s that, you want me to drink you? But I’m in the middle of a trial!

  5. Malia was talking about the Buffet Rule with her friends, so we should start to see this AP article disappearing soon.

  6. You left out the number 1 on the title.

    $31 billion

    1. Sorry, you said per year and they said over ten. Didn’t catch that.

    2. 31 Billion over 10 years, that works out to 3 billion a year, the $100 million just got dropped so we had a nice round number

        1. And two hard-boiled eggs.

  7. Caption entry: “Welcome to the Order of Disgraceful Knob-Polishers, now hit your knees and show everyone your skills.”

  8. caption entry: “I bet you’re the kind of guy that would fuck a person in the ass and not even have the goddamn common courtesy to give him a reach-around. I’ll be watching you.”

  9. false premise is that the point of the buffett rule is to raise revenue.

    1. The point of the buffett rule is to raise Buffets revenue.

  10. The figure is also miniscule compared to the many hundreds of billions the government earns from the alternative minimum tax

    (blasts coffee out of mouth)

    I…I…what?

    1. You know, like mobsters are ‘good earners’.

    2. It works hard for the money, so hard for it, honey.

      1. It works hard for the money, so you better treat it right.

  11. ” But wait! Order now and receive TWO Presidential Medals of Freedom for just $1999. (plus shipping and handling).

    1. Why would I pay $1999 for the PMoF if I can get one for just telling the PotUS to take more money from my competitors?

      1. Because nothing says ‘freedom’ like rent-seeking and advocating for higher taxes.

        1. Because nothing says ‘freedom’ like rent-seeking and advocating for higher taxes.

          Exactly! Although I’m not really sure what you mean by the first part.

          1. We have too much freedom in this country.

            1. I was just going to say the same thing, Liberal Griefer.

      2. OK, OK, we’ll throw in this potato peeler and a can of spray on hair.

        1. Don’t forget the Pocket Fisherman!

          1. What’s pocket fishing and how does this tool help with that?

            1. It’s a lot like pocket pool.

  12. At first I was like, yeah, pointless, but I’m thinking the AP angle here is that the rule wouldn’t be that harmful to the economy, and in fact, should be more extreme.

  13. “”Buffett Rule” Would Raise Just $3 Billion Per Year”
    Hopefully just from him.

  14. But it’s not FAIR that other people have more money than I do! They should have to pay more! That’s only FAIR!

    1. That’s one smart six-year-old, though he needs to attend college to truly hone his egalitarian skills.

  15. Warren B: . o (The medal’s nice and all, but I hope the President is checking out my taut tushie.)

  16. “And for selling the most boxes of Thin Mints in the country, first prize goes to…”

    1. Probably made his secretary buy all of them.

      1. She’s loaded, or so I hear.

        1. Part II of the Buffet Plan to fix the Deficit — Hire More Secretaries!

  17. “By the Power of Numbskull!”

  18. “File Photo: Warren Buffet’s butler helps him dress for a fundraiser.”

    1. Needs the word “important”. Come back with your correction.

  19. “File Photo: Warren Buffet’s butler helps him dress for an important fundraiser.”

    1. Doh!

  20. To be fair, Obama has improved at handing out those medals. When he first did it, he looked like he was strangling everyone.

    1. Dammit, still blocked as porn. I wonder if anyone monitors how often employees get blocked, and what for…

      1. Lovely. Not a porn site! Who do I have to explain this to? Is there an Internet Porn Czar who makes these decisions?

        1. Well, you might as well make it a porn site now. More Rosie Jones!

          1. Whenever I Google names I’ve never heard of on H&R, I always expect the first line of Wikipedia to read “X is a[n] [insert nationality here] pornographic acress.” This time it was “glamour model” so that was a refreshing change of pace.

            1. And what’s more glamorous than showing your tits?

              1. And what’s more glamorous than showing your tits?

                Showing your tits to me?

            2. DagnyT

              That post made me laugh out loud.

            3. What passes for chivalry on H&R. Bask in the glow…

        2. Alack needs to make friends with his network administrator. That’s the internet Czar.

          There are many Czars, but this one is mine…

          1. Unfortunately, the office of my actual employer is 3,000 miles away. I work on-site for one of our clients, so I have no legitimate say in how they run their business. Except insofar as their business involves wasting millions of dollars on freight every year, but that’s neither here nor there.

            1. Do they need an Affidavit of Non-Pornographic Intent?

              1. I’ll just show them the Monkey Tuesday archives and that should clear things up.

                Unless they find out I’m into chimps, of course.

                1. Just don’t show them BP’s monkey showering post.

              2. Do they need an Affidavit of Non-Pornographic Intent?

                I used to have a box that certified that very thing.

            2. Except insofar as their business involves wasting millions of dollars on freight every year, but that’s neither here nor there

              Does the client know you’re on their internet posting to Hit & Run while millions on freight is being wasted?

              1. Does the client know you’re on their internet posting to Hit & Run while millions on freight is being wasted?

                The waste is mostly attributable to: 1) non-compliant vendors; 2) the company’s slow pace of internal system updates (ie, info we sent 6 months ago still isn’t in the buyer’s system); and 3) the total lack of cost-accounting on the part of end-users.

                But it’s healthcare, so what can you expect?

        3. Is there an Internet Porn Czar who makes these decisions?

          Santorum 2012!

  21. What’s the big deal? Michele has been pushing buffet rules ever since BHO took office.

  22. http://www.bloomberg.com/news/…..oeder.html

    Apparently Warren isn’t doing so well.

    1. During the financial crisis, Buffett cut some very sweet deals that made billions for Berkshire. He bought preferred stock from Goldman Sachs Group Inc., General Electric Co., Dow Chemical Co., Wm Wrigley Jr. Co. (to finance its sale to Mars), Swiss Reinsurance AG, and later, Bank of America Corp.

      Jesus. But please don’t think that this had anything to do with who TARP II played out or anything. Certainly.

      IT WAS JUST A COINCIDENCE.

      1. Wm Wrigley Jr. Co. (to finance its sale to Mars),

        No more foreign ownership! No more globalism!

  23. “Here we see one of Barack Obama’s stand-ins presenting Buck Henry’s wax statue with a homemade Nobel Prize for Get Smart.”

    1. Ah, the Cone of Silence Prize.

        1. Maxwell Smart: I don’t think we should talk right here in the open, Chief, I think we should use the cone of silence.

          Chief: Oh Max, every time we use the cone of silence something terrible happens. Can’t you just write it to me on a piece of paper?

          Maxwell Smart: People can read a piece of paper, Chief.

          Chief: I’ll burn it afterwards.

          Maxwell Smart: Ashes can be reassembled.

          Chief: I’ll eat the note!

          Maxwell Smart: They could operate on you and get it back.

          Chief: All right, Max. The Cone of Silence.

          1. Whoever did casting for that show hit it out of the park with the Chief.

            1. Lots of home runs with that show.

    2. The joke’s on you. Buck Henry was a wax statue! BWAHAHAHAHA!

  24. Logical conundrum:

    It’s “okay” for Billionaire Buffett to influence public policy… but it’s NOT “okay” for the Koch brothers to even make suggestions on public policy.

    Liberalism. How the fuck do it work?

    1. To its own advantage?

    2. Back the right party, and the world is your oyster.

  25. AP: “Buffett Rule” Would Raise Just $3 Billion Per Year

    Left: So what? The rich must pay more!

    Libertarian: But what for? It is clearly the spending that is out of control, not revenue! Raising revenue through taxation clearly does not solve the deficit problem one dot or tittle!

    Left: No! No! This country has a revenue problem. You can’t touch the spending because we need it! You can control how much money comes in, not how much you spend!

    Libertarian: What? That doesn’t make any economic sense at all! What kind of fool would… Wait a second… Tony? Is that you?

  26. Hoo-hooooo, three billion a year!! That’s about what, a whopping seven hours or so of current federal government spending, assuming that spending doesn’t go up in the next eleven years (try not to laugh)?

    I can’t wait to see Tony Krugnuts show up here to explain how the rich are evil and have it coming to them even though it accomplishes basically nothing.

  27. So, Obama is actually proposing a huge tax cut when he says we should replace the AMT (spit) with the Buffet Rule?

    Why, that sly corpocratic dog.

    1. You know you’ve been overly exposed to SugarFree’s deleterious influence when “corpocratic” looks like “coprophagic” at first glance.

      1. I didn’t even give it a second glance until you pointed it out…

  28. “Exactly why do you think the price of pork bellies is going to keep going down, William?”

    1. “They’re panicking out there right now, I can feel it.”

      1. “Soft hands and a manicure. Never done a hard day’s work in your life, have you?”

      2. Do you really believe I would have a Kenyan run our family business, Randolph?

  29. I’m just mad they didn’t give a Chewbacca a medal too. I’m sure he played a big role in convincing Buffet to lobby for higher taxes and Han to return and save Luke from Darth Vader.

    1. Co-pilots ain’t shit, ‘cept hoes and tricks.

      1. Same thing for autopilots.

  30. “Just write a check and shut up.”

  31. If I didn’t know better, I might begin to suspect these advocates for economic “fairness” were liars and frauds.

  32. I dunno, it’s not so much about how much it brings as it is equality and fairness. Why should a person who bring in their money this way be taxed at a lower rate than a person who brings it in via more ‘traditional’ income? They should pay the same (granted this could mean lowering one or raising one).

    1. Why should a person who bring in their money this way be taxed at a lower rate than a person who brings it in via more ‘traditional’ income?

      Because of inflation. Granted, the long-term cap gains rate is a terrible way to account for purely inflationary gains, but there it is.

    2. The idea is that encouraging people to take some risks and invest in America is better for the country than just having them stuff their wealth in a mattress.

  33. The next step will be to lower the base line from $1 million to somewhere south of that, where the real money is. After all, if it’s OK to tax some more than others to help the deficit, then we just will have to get it down to where it makes a real difference in revenue. (shades of the history of the AMT).

  34. I hope people say “we should tax them at lower rates because the way they make money is good for the economy”, because I’d love to see some more utilitarians around here advocating treating people different based on how it furthers the general welfare…

    1. No, it is not treating people different, it is treating different kinds of revenue streams different because they are different. Wage income is not subject to inflation effects, is not generally received in multi-year spanning lump sums that would make it subject tp progressivity. It is not the fault of people here that we have to account for the perversities inherent in the progressive income tax so beloved by the Left.

  35. Caption entry: “The President grants Buffet the first US title of nobility in history – Lord Protector of the Revenue.”

  36. Buffett. Good God I could give a rat’s ass if I spelled your name correctly. You are a cunt. Simple as that.

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