Back in September of 2011, President Obama first unveiled the "Buffett Rule" which he explained as a measure that would require millionaires and billionaires to "pay their fair share" in order to help reduce the deficit. And in January, he made the Buffett Rule a centerpiece of his State of the Union Address. Obama rebuffed critics who had argued that he was engaging in class warfare, and deemed the Buffett Rule a common sense way to bring down the deficit.
Well, the numbers are in. From Conn Carroll over at the Washington Examiner:
President Obama's proposed "Buffett rule" tax on Americans earning more than $1 million a year would only raise $31 billion in revenue over 11 years according to new numbers from Congress' official tax analysts.
To put that $31 billion in perspective, Obama's budget spends $45.4 trillion over the same time frame and increases the debt by $3.5 trillion.