Senate Buffett rule raises less than $30 billion over 10 years
By Ezra Klein,
Speaking of scoring budget proposals, the Associated Press reports that the Joint Committee on Taxation has estimated the new revenues off the version of the Buffett rule that Democratic Sen. Sheldon Whitehouse of Rhode Island introduced into the Senate: The official scorekeepers say it will raise less than $30 billion over 10 years. That’s not nothing, but it’s not much. For comparison’s sake, the Bush tax cuts are worth more than $4 trillion over the same time period, and the high-income tax cuts are worth more than $800 billion.
Remember, however, that Whitehouse’s version of the Buffett rule phases in on incomes between $1 million and $2 million. So it only fully applies to annual incomes over $2 million. There aren’t that many of those.
Here’s my interview with Whitehouse.