Tuesday, April 10, 2012

Economy - #3798 - A 1% Spending Cut is 6 Times as Effective as the 'Buffet Rule' - National Review Online, Rush (2) Rush Limbaugh: Unemployed Americans Outnumber the Total Population of Germany (3) VIDEO: Just a Reminder "Buffet Rule" that Obama Won't Stop Talking About is Aimed at Around 400 Taxpayers - Hot Air

Obama’s solution to health care costs? Raising taxes on tanning salons and medical device manufacturers. Obama’s solution to high gas prices? Raising taxes on oil companies. Obama’s solution to a struggling economy? Raising taxes on investors through the “Buffett Rule.” Notice a pattern here? Of course, even if the “Buffett Rule” were enacted, the amount of revenue to the government is miniscule compared to both the annual deficit and our accumulated debt. Savings from instituting the “Buffett Rule” in one year, according to the Joint Committee on Taxation: $5.1 billion. By 2022, the committee estimates the Buffett Rule could be generating an additional $7 billion in revenue. Savings from cutting federal spending from its fiscal 2011 level by one percent: $33.6 billion. In other words, asking every federal agency and department to get by with 99 percent of what it received last year would generate six times the savings of the Buffett Rule. 

Unemployed Americans Outnumber the Total Population of Germany - Rush Limbaugh - You look at this talk about the unemployment rate, 8.2%, "Oh, coming down. It was over nine. Why, it must be going in the right direction." Okay, the challenge here, how do I explain to people that that number is meaningless? How do I illustrate the reality about unemployment? You can use real numbers. For example, and I had this yesterday, I didn't get to it, but something I think Romney should use, by the way, or Santorum, anybody, somebody on the Republican side. The RINOs need to be swept aside here and let somebody who really wants to roll up their sleeves take this stuff head on and do it. The number of working age Americans out of the workforce, 88 million. The population of the country is 300 some odd million. So the 88 million still by itself is not all that illustrative. But there's a way to make it so.  Eighty-eight million working age Americans out of work is larger than the total population of Germany, 82 million people. Now, that has a little bit more impact. When you tell people that 88 million Americans of working age are out of work. When you say that more working age Americans are out of work than live in Germany, well, that has a bit of a different impact.

Just a Reminder "Buffet Rule" tht Obama Won't Stop Talking About is Aimed at Around 400 Taxpauers - Hot Air - Turns out that the vast, vast majority of the rich already pay tax rates in excess of the average middle-class rate of 15 percent. Depending upon how you calculate the effective federal rate, there are either 22,000 households (the White House’s number) across the span of the United States that make a million or more per year and pay 15 percent or less or just 4,000 households according to the nonpartisan Tax Policy Center. But among that sample, most of the potential revenue would come from the mega-rich at the very top, not the millionaire small-business owner. The White House’s numbers on them:  Of the 400 highest income Americans, one out of every three in this group of the most financially fortunate Americans paid less than 15 percent of their income in income taxes in 2008.  In other words, we’re talking here about a rule championed by the president of the United States and set for a vote in the U.S. Senate that’s targeting something like 130-135 households across the entire country. Which, incidentally, explains why the Buffett Rule would set a federal rate of 30 percent for millionaires, not the 15 percent needed to make sure they’re on par with John Q. Public, which is supposedly Obama’s big concern. If they set the minimum rate at 15 percent instead of 30, the already razor-thin amount of extra revenue they’re going to get out of this would all but vanish.  Read more........

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