President Obama’s Buffet Rule Redux for the campaign is nothing more than a ploy to create a class war to run parallel with his race war that he fanned the flames with the announcement that Trayvon Martin looks like his mythical son. As fictitious as his PR Family Tree, the increase of taxes on the rich proposed in his Buffet Rule is equally as fantastic. The increase of revenue that the Buffet Rule would bring would be around $46 Billion dollars total over the next 10 year which would do nothing to bring down the debt that the Obama Administration is piling up quicker than the credit card debt the Kardashians rack up on Laser Hair removal.
The Buffet Rule was spawned from Billionaire Warren Buffet’s statement that he pays a lower tax rate than his secretary does. Of course 3 days before this statement was made, Warren Buffet had a private meeting with Obama and in exchange for the Buffet Rule branding; Warren, on a tip from Obama, got to buy Bank of America Stock for pennies on the dollar and made huge profits within 24 hours of his investment. A small price to pay for selling out your name for a sweetheart stock deal. Obama now uses this example to help his re-election by vilifying the job creators with a smoke and mirrors attempt to cover his ass on his debt, possible failure of Obamacare, and to distract from the huge government he is trying to create.
The sad thing is the basis of the Buffet Rule is completely false. First, the majority of the money Buffet makes is on capital gains, money that has already been taxed once and re-invested where profits are taxed at a lower rate than regular income to encourage investment and business growth but Obama just wants a larger 2nd bite at the apple of income that was already taxed. Secondly, Buffet’s secretary makes north of $250,000 per year and under the Buffet rule and the inevitable expiration of the Bush Tax Cuts by Obama, Buffets secretary will get hammered on taxes and would make more money joining Occupy Wall Street.
Raising Taxes won’t solve our economic problems, it will only make it worse by two fold, decreasing business development (Jobs) and increasing the size of government (until the money eventually runs out, i.e. Greece) I’m for closing most loopholes and going to a fair flat tax but more importantly we need to stop government waste. I would bet half of government revenues are wasted on boondoggles like Solyndra. Obama only wants the Buffet Rule for campaign commercials and to cover the GSA’s Bar Tab. Don’t get me started on the fact that Buffet’s company is in a major tax battle for a very large unpaid tax bill with the IRS that he doesn’t want to pay and Buffet is leaving most of his money to charity when he dies not the government to probably avoid the Death Tax.