For starters, its effect on the deficit is subject to a huge degree of uncertainty. The Joint Committee on Taxation, which scores the effects of all tax bills in Congress, said that under current laws, the proposal would produce $47 billion more in revenue over the next decade - less than 1 percent of the additional deficits Mr. Obama’s budget would deliver during that time.Team Obama knew this wouldn't fly, yet they keep trying to pass it in the absence of any actual deficit reduction ideas on their part. Class warfare is pretty much all they've got left.
If the Bush-era tax cuts are extended, the tax bites more deeply - to the tune of $162 billion over 10 years, according to Mr. Whitehouse’s office.
About 89,000 people would be subject to the full 30 percent minimum, while another 134,000 would be in the phase-in range between $1 million and $2 million in income.
Monday, April 16, 2012
The "Buffett Tax" has failed to pass (again). Not that it would have done much to begin with: