Recently in relation to the ear catching phrase “Buffett Rule” the President said it would “strengthen our economy and create jobs.” That sounds like a good deal to me; squeeze the rich and create jobs. On the other hand I have this annoying habit, I have to ask, how?
How will adding $4.7 billion a year to government revenue strengthen the economy and create jobs? How will a few billion more do that when the trillions we have already spent have done little? I bet you have a question or two as well.
Keep in mind that the interest the government pays just on U.S. Savings Bond is over $500 million a month or $12 billion a year and that is a small fraction of the total interest paid on public debt.
There once was a man from Nantucket,
Who went to the well with his bucket.
The well was dry and he began to cry, but could not deny,
his trips had been more than a few.
We need a new rule to solve this mess, let me see, let me guess.
Oh, I have it, I’ll just take what I need from you!
A modest decrease in the national debt could generate interest expense savings far exceeding a new tax on a very small percentage of Americans freeing money to spend more productively.
That man from Nantucket dashed to a neighbor,
there is water in this well, I must have some,
you have more than me, that’s no fun.
He lowered his bucket as far as he dare, filling it up to the absolute top,
He leaned into the well and disappeared with a plop.
Need I say more, he got his fair share.
The next time you hear all that appealing rhetoric, ask “how”.
QUINNSCOMMENTARY 
The “Buffet Rule” is just another feel good idea to distract people from the real problem which is how the tax code treats income differently and picks winners and loosers through a system of loopholes and tax preferences known as tax expenditures . Until there is meaningful tax reform the rhetoric will continue and the band aid approach will make the tax code even more complex and inequitable. Here is an interesting info-graphic illustrating the problem.
http://www.taxpolicycenter.org/taxtopics/2012candidatestaxreturns.cfm
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I agree. It would be refreshing if politicians would focus on solving problems for a change. Let them work on the tax code, Social Security and Medicare and stop creating one new law after another and everything else will fall into place.
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