Of course, the Buffett Rule has nothing to do with increasing revenues. It is all, as GorT says, about what sounds good. No, no one expects that the Buffett Rule will produce more than a few thousand dollars in increased revenue.
However, the Democrats want Americans to know that these damn millionaires aren’t going to get away with paying nothing, year after year. Joe Biden himself said the other day that thousands of millionaires are getting away with this, and the Buffett Rule will end this. The Democrats say it is a question of fairness, not revenue.
However, as the IRS famously discovered in 2007, only 959 millionaires paid nothing in taxes.
959. That’s it.
And want to know why they paid nothing? Because due to various losses, they made no income that year. Not a penny. No, you can be a millionaire and still lose money.
Indeed, more millionaires are expected to pay zero in taxes under Obama, because of his economy, than ever before. So you know which party is responsible for millionaires paying nothing in taxes? The Democrats—although the reason for this is, ironically, less preferential. The Czar expects that millionaires would handily pay taxes than would avoid payment through loss of income.
Meanwhile, as the IRS also revealed, the remainder of America’s millionaires paid far more than any other group of Americans, either measured by percentage or by total dollar share.
Once again, the Democrats completely misstate the facts because the reality is so much more embarrassing for them. You really want fairness, VP Biden? Flat tax.