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Just how big a dent would the Buffett Rule make in the deficit?

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By Doug Powers  •  April 7, 2012 12:45 PM

**Written by Doug Powers

We’ll be hearing a lot more about the Buffett Rule again next week:

Obama is scheduled to travel to Florida, a swing state that pulled the lever for him in 2008, to press the case for ensuring that those making more than $1 million a year pay a higher tax rate than middle class families.

“The president believes in standing up for the middle class and making our tax system fairer, where everyone plays by the same set of rules, in order to ensure the economic security of the middle class,” the White House said in a release announcing the event at Florida Atlantic University in Boca Raton.

Obama will travel to Florida just days before the Senate is expected to take a procedural vote on a Buffett Rule bill introduced by Sen. Sheldon Whitehouse (D-R.I.). Rep. Tammy Baldwin, the presumptive Democratic nominee for Wisconsin’s open Senate seat, has rolled out the House version of the measure.
[...]
“The middle class can’t bear the burden of reducing the deficit alone,” Schumer told reporters on Thursday.

Just how much would imposing the Buffett Rule chip away at the deficit Senator Schumer claims to want to reduce?

Below is a chart from Political Math by way of Ace of Spades. That red sliver at the upper left represents the projected revenue from the Buffett Rule. Then jump into James Cameron’s Deepsea Challenger for the long dive down to the bottom of the two bars at the right to see the deficits with and without the Buffett Rule:

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I can feel the relief already.

Forget about the Buffett Rule… we could achieve the same deficit reduction by simply eliminating all future GSA “team building” junkets.

Reminder for Chuck Schumer: ITSS… It’s the spending, stupid.

**Written by Doug Powers

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