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View Diary: Buffett's fiscal plan: A millionaire's tax (96 comments)

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  •  Buffett's numbers don't add up (2+ / 0-)
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    Hillbilly Dem, drewfromct

    He calls for an additional tax on millionaires which pay about $1.2T in taxes, then he calls for continuing the payroll  tax cut, which costs the gov about $105 Billion.

    If you increased the taxes on millionaires by 10%, and IF you could collect it, you would only be offsetting the payroll deduction cut.  It would require about a 30% cut across the board to balance the budget.  That's Medicare, Social Security, Defense...

    No! No! No!  This is a gimmick.  We have to go back to tax rates of the 1970's and close loopholes.  Which means everybody pays more, but the rich pay a LOT more.

    At least he's talking about revenues, but his numbers don't add up.

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