- Posted April 15, 2012 by
This iReport is part of an assignment:
Pass the Buffett Rule - It's Meaningless
- jmsaba, CNN iReport producer
Poll after national poll indicate that more than 60% of Americans are in favor of President Barack Obama's so-called Buffet Rule. The rule would require those making over $2 million to pay a minimum effective tax rate of 30% and for those making over $1 million up to $2 million a graduated scale to eventually be an EFT of 30%.
The rule is pure political gimmickry. Even the Administration and Democrats admit the revenue generated is not really worth the effort. But, from a political angle, it's a shiny object that has attracted the attention of those in the middle and lower financial levels to feel a "sticking it to the man" type of euphoria.
What the rule would do is raise $4.7 billion per year or only about 11 hours of government spending per year. Yes, that was 11 hours only of government spending each and every year.
Compare that $4.7 billion to the ever-growing national debt an it doesn't even make a ripple on the lake of a smooth rock being skipped.
Here's a crazy idea.
Let the President and the Democrats have their shiny object. Give them a win and take it off the political rodeo circuit. Republicans can then focus on the real issues of the economy, the national debt, jobs, healthcare reform, energy policy and tax code reform without a needless and meaningless distraction.
Rather than letting Democrats on Capitol Hill and Team Obama making heydey with a nonsensical shiny object just give it to them. Most millionaires and billionaires won't even notice.
From the Cornfield, sometimes the best course of action is to retreat from the battle to live to fight another day.
On the Buffet Rule perhaps the GOP would be better off just saying, "We hear you. We'll let you have your ball so you don't take your bat and glove and go home pouting."