Earlier this week, in a desperate election-year gimmick, Senate Democrats forced a vote on the so-called “Buffet rule.” Named for investor Warren Buffet, the Buffet rule would increase taxes on wealthier Americans to decrease our national debt. While Democrats like Brown hope to highlight his vote on the Buffet rule in an election year, analysis of the Buffet rule has shown that it would do little to increase revenue at a time when the federal government is adding trillions of dollars to the national debt.
In fact, Congress’s Joint Committee on Taxation found that the Buffet rule would increase federal revenue by $1.1 billion, or less than .01% of Obama’s expected $1.2 trillion deficit for this year. Although Brown claims to be working to improve the economy, the national debt has increased by more than $11.4 trillion under Brown’s watch! The Buffet rule is yet another excuse for Brown and his liberal pals in Washington to force their tax-and-spend agenda on hard-working Ohioans who deserve better economic solutions from their Senators.
Brown Voted For Cloture On The Bill That Would Instate “The Buffet Rule.” “Motion to invoke cloture (thus limiting debate) on the Reid, D-Nev., motion to proceed to the bill that would require taxpayers with more than $2 million in income to pay an alternative minimum of 30 percent in federal taxes, with a phase-in of the higher rate starting at the $1 million level.” (S. 2230, CQ Vote #65: Motion Rejected 51-45: R 1-44; D 49-1; I 1-0, 4/16/12, Brown Voted Yea)
The Buffet Rule Would Tax Millionaires At A Higher 30 Percent Federal Rate. “The rule, names for billionaire investor Warren Buffet, calls for taxing millionaires at a higher 30 percent federal rate, and is based on the idea that Buffet shouldn’t pay a lower tax rate than his secretary.” (Scott Wong, “Dems: We’ll Push Buffet Rule ‘All Year Long,’” Politico, 4/5/12)
Congress’s Joint Committee On Taxation Found That The Buffet Rule Would Increase Federal Revenues By $1.1 Billion, Or Less Than .01 Percent Of Obama’s Scheduled $1.2 Trillion Deficit For 2012. “In one fell swoop on Wednesday, Congress’s tax scorekeeper punctured both phony claims. The analysis from the Joint Committee on Taxation also showed less wealthy taxpayers why the Buffet ruse would eventually end up exposing them to higher taxes. … Senator Sheldon Whitehouse (D., R.I.) quickly drafted legislation to turn this re-election posturing into law. Joint Tax dutifully studied the bill and has delivered the official score: This year, the Buffet rule would increase federal revenues by all of $1.1 billion. That’s less than one-tenth of one percent of the $1.2 trillion budget deficit Mr. Obama is scheduled to run this year.” (Editorial, “The Bottom 0.1%,” The Wall Street Journal, 3/22/12)
- “Through 2022 Joint Tax Expects Less Than $47 Billion In Total New Revenues From The Buffet Rule While The Government Will Be Adding Trillions Of Dollars To The National Debt.” (Editorial, “The Bottom 0.1%,” The Wall Street Journal, 3/22/12)
The National Debt Has Increased By More Than $11.4 Trillion Since Brown Entered Congress:
- When Brown Was Sworn In To Office On January 5, 1993, The Total Public Debt Outstanding Was $4,169,232,407,244. (Treasury Direct Website, www.treasurydirect.gov, Accessed 12/8/11)
- As Of April 18, 2012, The Total Public Debt Outstanding Was $15,660,736,663,887. (Treasury Direct Website, www.treasurydirect.gov, Accessed 4/18/12)