The Buffett Rule … a few facts might help.

At the risk of stifling the tax rate hysteria with facts, the Congressional Research Service did a great study on the “Buffett Rule”.

One of the key charts – with a couple of Homa Files accentuators – says that

  • “Millionaires & billionaires” tax rate is – on average – 11 points higher than folks making under $100k.
  • About 1 in 4 millionaires & billionaires (less than 100,000 tax payers) – those with the lowest effect tax rates – pay a lower rate than about 10% of the more than 100 million folks making under $100,000
  • Applying the SOTU Buffett Rule – minimum 30% for folks making more than $1 million – would jack up taxes for about 1/2 of millionarires and billionaires.

Is jacking the rate on about 200,000 taxpayers really going to get us out of this fiscal mess we’re in?

I’m betting the under.

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Supplementary data:

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3 Responses to “The Buffett Rule … a few facts might help.”

  1. TK Says:

    Since we know how much wealth is concentrated in these few hands, yes, raising taxes on 200,000 extremely wealthy people can be very significant.

  2. Mike Says:

    ^ depends on your definition of significant.

    “The nonpartisan Tax Foundation estimates that a Buffett Tax might now raise $40 billion annually. Citizens for Tax Justice, a liberal group, estimates $50 billion.” (http://wapo.st/zgdU9S)

    Its not game changing policy, or even game influencing policy as far as debt reduction goes.

  3. TK Says:

    What is your threshold for something “worth” doing?

    $50 Billion sounds significantly better than $0 to me.

    Waiting for an individual change to solve the entire problem seems like a bad idea.

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