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Thread: Another "We told you so": AP reports "Buffet Rule" is bogus.

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    Banned Eric Stoner's Avatar
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    Default Another "We told you so": AP reports "Buffet Rule" is bogus.

    The AP obtained a CBO analysis of the "Buffet Rule" which would require those making at least $1 million to pay at least 30% in Federal Income taxes. It will net a whopping $31 billion over the next 11 years. Meaning it amounts to nothing more than a rounding error vis a vis the Federal budget.

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    Default Re: Another "We told you so": AP reports "Buffet Rule" is bogus.

    ^^^ and that's before those millionaires turn loose their accountants and attorneys to 'actively' reduce their taxable incomes ( via investing in tax free muni bonds instead of corporation stock shares, for example ), to 'actively' reduce their tax liabilities ( via investing in subsidized green energy / ethanol / corn farming etc. to obtain tax credits which can be applied against taxes due on more conventional income sources ), etc.

    Or they may simply decide to cut back on working hours / stop investing in expanding their business / stop investing in high risk = high return speculative investments etc. in order to keep their incomes below the $1 million per year level.

    As has been shown in the past, gov't 'planners' typically operate using a linear model ... with an implied assumption that Americans will continue doing 'business as usual' if tax changes or other types of changes involving additional costs are instituted. However, in the real world, Americans affected by those changes can and do take responsive actions to minimize the negative effects. The classic illustration of this point is the infamous 'Laffer Curve' ...



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