YES

Henninger:

Taxation is the subject that most clearly defines the competing visions of the two parties. Medicare is about a big fix. Tax policy is about the nature of the nation. It comes down to this: What are taxes for?

Yes. Exactly. What are taxes for? They are NOT simply to pay for whatever the government wants to buy – usually votes.

And, simply put, we cannot afford to pay for every last thing our politicians want to buy.

Even if we raise taxes on the 1%.

Senator Sheldon Whitehouse (D., R.I.) quickly drafted legislation to turn this re-election posturing into law. Joint Tax dutifully studied the bill and has delivered the official score: This year, the Buffett rule would increase federal revenues by all of $1.1 billion.

That’s less than one-tenth of one percent of the $1.2 trillion budget deficit Mr. Obama is scheduled to run this year. Through 2022 Joint Tax expects less than $47 billion in total new revenues from the Buffett rule while the government will be adding trillions of dollars to the national debt. Joint Tax even concedes, as it is rarely wont to do, that the rule will affect taxpayer behavior: By raising the effective tax rate on capital gains, the rule will encourage people to realize fewer capital gains.

Quick review: the Buffett rule won’t pay for the votes Obama wants to buy. That will have to be squeezed out of the middle class.

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One Comment on “YES”


  1. You mean government’s highest purpose and priority shouldn’t be to provide me with stuff???


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