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Krauthammer Attacks Obama’s ‘Buffett Rule’

Posted by Steve Markowitz on April 23, 2012

One of the brightest and most articulate voices on the Right is that of Charles Krauthammer, commentator and columnist.  Krauthammer has called Pres. Obama on many of his flawed policies.  This weekend he went ballistic on Obama’s “Buffett Rule” with the following statements:

  • “A shiny object.”
  • “It’s almost an embarrassment, it’s so shameless.  If you were to collect the Buffett tax for the next 250 years – that’s longer than the life of this republic – you will not have covered the deficit, Obama’s deficit for 2011.  You collect it for another 250 years, so we’re now in the year 2612, and you’ve covered 2011 and 2012 and you need to cover only 498 other years of deficits.”
  • “This is a preposterous statement and he know it is,” Krauthammer continued. “On growth, it’s equally deceptive.  What the tax is, it’s a doubling of the capital gains tax.  It’s disguised, but that’s the reason why the Buffett rates are lower, it‘s the capital gains rate and it’s lower than the rate for normal income.  So he doubles it.  Now the reason that’s not a good idea is because when you double the rate, you actually decrease the amount that the Treasury receives.  And you decrease the growth because you are shrinking the pool of capital that’s out there that people can invest and hire other people.”

As Krauthammer points out, the Buffett Rule will result in a doubling of the capital gains tax.  History is proven how disastrous such actions have been to the overall economy.  However, that is of little concern to Barack Obama who has stated that raising this tax rate has been a priority of his “for purposes of fairness”.

It is remarkable how Progressives cannot grasp the concept of the overall good.  As Winston Churchill once so famously said: “Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.”  Obama’s is doing his best to prove Churchill correct.

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