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    Posted April 15, 2012 by
    Farmersburg, Indiana
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    Pass the Buffett Rule - It's Meaningless


    CNN PRODUCER NOTE     k3vsDad shared his thoughts on the so-called "Buffett Rule" proposed by President Obama, which aims to increase taxes on the wealthiest Americans. 'The Buffet Rule really has no other purpose than political showmanship,' he said. 'It would be nice if it were the first step toward real tax code reform. The reality is, it is nothing more than a distraction. Every penny does count, if used properly. Sadly, most of our tax dollars are being used foolishly.'
    - 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."


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