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The Real Math Behind the Buffett Rule

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  • Description

    FBN’s Gerri Willis on Obama’s push for tax hikes during tax season.

  • Duration 2:55
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Today is tax day -- I don't know about you but the whole season gives me the -- is.

Like most Americans -- is an accountant so I don't really go through every DTL myself but.

-- cringe waiting for the death sentence what do we go and who to.

No matter how much -- -- my withholding it always seems like I'm writing a check this time of the year.

I think most Americans at least a half of us paying federal income tax feel the same way.

Which is why I was amazed when the present started talking about tax hikes jury tax season house.

His proposal called the Buffett rule would require millionaires to pay a minimum in federal income taxes of 30%.

Now a senate vote on the Buffett rule occurring in this hour is expected to fail.

The president's been campaigning on the spot the -- for a couple of weeks now.

And while the White House's initial reasoning for such attacks was it would help retire nation's sixteen trillion dollar debt.

Well they backed up that little bit because you know what it's not really true.

-- the tax revenues would be a drop in the bucket this bucket.

Raising just 47 billion over a decade while mr.

Obama's budget adds nearly six and a half trillion to the debt over the decade.

According to some attacks -- -- just seventeen days of increased deficit under the Obama tax plan so what is the point of the -- again.

When his advisor David Axelrod spoke on attack on this tax on FOX News Sunday.

You can almost hear the waver in his voice is he try to explain the wisdom of suggesting tax hikes during tax season.

Noting that in -- -- nobody nobody can argue Chris.

Nobody can argue that it makes sense for people who are making a million dollars a year or more.

To pay less than the average middle class worker in this country so it both helps us stabilize the deficit and ensures modicum of fairness in our tax system.

Well mr.

Axelrod you could not be more wrong.

The reality is this the wealthy already pay most of the income taxes collected in this country.

Take a look at the -- the top 10%.

Pay over half of all federal taxes the top 1%.

Over -- quarter the top 10% 55%.

Of taxes pay.

And according to the Tax Foundation millionaires paid an average tax rate of 25%.

More than three times the average tax rate for -- family earning between fifty and 75000 dollars.

Look let's recognize about the tax for what -- an election year campaign slogan.

Aimed at firing up the left in winning over the middle class.

Fortunately most spokesman see through this kind of thing at least the viewers of this program are Smart enough to see through it.

Instead of one off ideas adding more burden to an already overwhelming tax code -- -- we simplify the tax code and make it fair for everybody.

Maybe at first principle should be that everybody should pay something.

That's --

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