Some points without reading everything previous...
The Congressional Joint committee on Taxation has the B-R collecting only $4.7 Billion per year more.
While I trust them and have used their numbers in the past, I'm certain this is Wrong.
Other respected institutions put it MUCH higher.
http://en.wikipedia.org/wiki/Buffett_Rule said:
Possible effects
If enacted, the rule change would result in $36.7 billion per year in additional tax revenue, according to a January 2012 analysis by the Tax Foundation, a pro-business think tank.[12] An alternative study released that same month by the Citizens for Tax Justice, a liberal think tank which favors the change, stated that the change would add $50 billion per year in tax revenue.[7]
The non-partisan United States Congress Joint Committee on Taxation released a letter in March 2012 estimating that the Buffett Rule would raise $4.67 billion per year over the next 10 years.[13] The estimated $47 billion would reduce by 0.7 percent the $6.4 trillion increase in spending over the next 10 years estimated by the Congressional Budget Office, based on President Obama's 2013 budget plan.[14] The 2013 budget proposed by the Obama administration stated that the Buffett Rule is intended to replace the Alternative Minimum Tax. The Joint Committee on Taxation calculated that the Buffett Rule plus the repeal of the Alternative Minimum Tax would increase the deficit by $793.3 billion in the next 10 years.[15]
Part of the reason for the inequality in taxation is, that revenue from long-term capital gains is taxed at a maximum rate of 15 percent, in an attempt to encourage investment. However, individuals subject to the Alternative Minimum Tax (those with adjusted gross incomes in the area of $75,000 or higher) are required to pay capital gains tax at 26% or 28%; not at 15% as is widely mis-reported.[16] It's not entirely clear how many individuals would be affected by the change. An October 2011 study by the Congressional Research Service found that a 30% minimum tax rate rule would mean up to 200,000 taxpayers paying more.[12]
So you have Two respected institutions, one from either side of the political spectrum, saying it would collect near 10x as much. Now THAT is a dent.
Why is the Joint Committe wrong? Is it?
In 2007 the top 25 Hedge Fund managers Averaged income of $877,000,000 EACH.
That's $22 billion income for just those 25!
They pay 15% as Romney.
So if Just they payed 15% more, that's $3.3 Billion for those 25 people ALONE.
And there are plenty of very rich who make well over a million (or 10 mil or 100 mil).
So I think the higher numbers make much more sense.
The tax isn't really aimed at Turtle-Duders who make near or about a million, most of it paycheck salary who already pay a high rate on that check.
It's aimed at those who have a Billion, or at least a few hundred million and make money on their money. 15% money.
).
