Today on CBS’s Face the Nation, Senator Chuck Schumer (D-NY) said that Democrats will schedule a vote on the “Buffet Rule” for April 15th. The so-called Buffet rule would raise income tax rates on anyone making $1 million or more to a minimum of 30%. Democrats promote the rule as stating it will solve the problems of the deficit. Unfortunately, the truth is quite different: The non-partisan Congressional Budget Office says it will raise only $47 billion over ten years. This year’s budget deficit–that’s the budget deficit for just one year–is projected to be well over $1 trillion.
The CBS story says the vote will be on April 15th (a Sunday); this Providence Journal story says it will be on Tax Day, April 16th. Democrats apparently haven’t checked with the IRS or their tax professionals: Tax Day this year is Tuesday, April 17th. Like many things comes out of the left in Washington, it’s a proposal that sounds good, but doesn’t do what it’s supposed to do.
