If Just One Millionaire Followed the Buffett Rule

[bigtree]

from Laura Wilson at the DNC blog: http://www.barackobama.com/news/entry/friday-facts-if-one-millionaire-followed-the-buffett-rule


Even if just one of the 400 wealthiest Americans paid their fair share in taxes under President Obama’s Buffett Rule, it would raise $32 million in revenue. That money could be used to pay down our national deficit, hire more teachers and firefighters, help seniors pay for their prescriptions, and better serve our veterans.

read more: http://www.barackobama.com/news/entry/friday-facts-if-one-millionaire-followed-the-buffett-rule



use Buffet Rule Tax Calculator: http://www.barackobama.com/buffett-rule/the-rule-and-you?source=FridayFactsIfOneMillionaireFollowedTheBuffettRule-01-20120413-misc-HQB&icn=20120413-FridayFactsIfOneMillionaireFollowedTheBuffettRule-01-misc-HQB

[Dokkie]

1. But we know

it wouldn't be used to pay down the national debt or pay back the billions stolen from SS trust fund. It most likely would be used to fund another military adventure or fund some rebel group trying to overthrown some non compliant govt. This is why I am not crazy about the Buffett rule

[Scuba]

2. You have two separate problems confused.

[bigtree]

3. that would apply to all revenue, then

That's not an excuse for upper-income folks to not pay their fair share. We're fighting over crumbs and there are allocations for 'entitlements' and other benefits and programs which have nothing at all to do with war. In fact, our major expense is entitlements. We need to find revenue somewhere and it shouldn't come in the form of cuts to the programs and benefits average income Americans rely on.

[liberal N proud]

4. Those millionaires don't want to do anything that is going to increase "Public" employees

They are all about privatizing and make a profit from that privatization.

[jschurchin]

5. I am all for the wealthy paying their fair share.

But I don't kid myself into thinking that by Increasing their taxation that, that will solve our deficit spending problem.
This year alone we will spend more than 1 Trillion dollars more than we collect in taxes. I am a big fan of levying a transaction tax on the stock market for every share traded daily. Go to where the money is, right?
On average 1.5 Billion shares are traded daily on Wall Street. If a 1 cent a share tax was levied it would bring in 15 million a day. Now that sounds like a lot until you figure there are approx. 220 trading days a year so it would bring in 3.3 Billion a year.
As a nation we spend $12.3 Billion each and every day so a $.01 a share levy would fund us for about 8 hrs. Now 10 cents a share and we will get 80 hours of Washington, or in other words, 3 days and 8 hours, woohoo!!!!
Now if we increase the levy to a dollar a share, for each and every share, then we can make a real dent. We would bring in 330 Billion a year while we continue to spend over a Trillion more than our budget.

Do you see, all those words equal these three WE ARE FUCKED.

And no amount of taxation on any one group will change that until the 535 stop spending.