It is no secret that Obama has failed to put forth a credible solution to the nation's debt crisis. One of the few solutions he has proposed is the so-called Buffett Rule. Well, the numbers are in: the Buffett Rule would raise an additional $47 billion over the next 11years, compared to the $47,913 trillion the Congressional Budget Office now projects in federal spending during that time.
Of course, the Buffett Rule was never really about raising revenue. It was about scapegoating and villifying the wealthy. The reality is that the US already has the most progressive tax system in the world. And even if you taxed 100% of the income of those millionaires and billionaires, it still wouldn't close the budget gaps. Actually paying for Obama's spending would necessarily involve massive, crippling middle class tax hikes. But he doesn't want to do that, at least not until after his re-election.