The following chart shows the federal deficit with the Buffet Rule in place, and without the Buffet Rule in place. Remember this the next time you hear Obama using the Buffett Rule to confuse people with his disingenuous misdirections:
Wow, what a difference !!!
The Buffett Rule is estimated to bring in about $30 billion over ten years. At $3 billion per year, I calculated Buffet Rule revenue to be enough to run the federal government for about seven hours (out of 8,760 hours in a year). Obama will probably spend more money talking about the Buffett Rule on the campaign trail than it would bring in. And let's not forget that under Obama's budget proposal, the federal debt would increase by almost $11 trillion during a two-term Obama presidency. The $30 billion in Buffett Rule revenue represents about .000027 of that amount. That's why it's soooo important. It took this country over 233 years to run up it's first $11 trillion in debt, which makes our current President a sort of debt wunderkind.
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