Tags: romney | buffet | rule | math

Romney's Buffett Rule Math Adds Up

Tuesday, 24 Apr 2012 09:37 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Mitt Romney’s claim that if the so-called Buffett Rule was in place the resulting taxes would pay for just 11 hours of government functioning is correct, The Washington Post concluded in a fact check of the assertion.

Romney was speaking about the plan advocated by President Barack Obama that would add a tax surcharge to adjusted gross incomes of over $1 million. The Post noted that various nonpartisan assessments conclude the tax would raise an additional $5 billion a year.

“The fiscal year 2013 federal budget is projected to have $3.803 trillion in outlays,” the Post wrote. “So, dividing $5 billion into that figure, you end up with the Buffett Rule covering 0.131 percent of the budget. Given that there are 8,760 hours in a year, that works out to just over 11 hours.”

Democrats have a different way of looking at the numbers, but the Post said the “revenue raised in 2013 even under the Democrats’ preferred metric is just $7.7 billion. That would be 18 hours of the federal government.”

In conclusion, the Post wrote, “This dispute over baselines — and how they can be manipulated — is a pretty good example of Washington dysfunction. But, within those constraints, Romney’s math adds up. One could even say he was generous, since he could have argued that the Buffett Rule would pay for no government in its first two years.

“Romney gets the rare and coveted Geppetto Checkmark.”

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

US Judge Blocks Enforcement of New La. Abortion Law

Sunday, 31 Aug 2014 22:31 PM

A federal judge has temporarily blocked enforcement of Louisiana's restrictive new abortion law.District Judge John deGr . . .

Report: Doctors Bringing Joan Rivers Out of Medical Coma

Saturday, 30 Aug 2014 18:19 PM

Comedian Joan Rivers, who went into cardiac arrest at a doctor's office, was being brought out of her medically induced  . . .

All 5 Aboard Small Plane Killed in Crash at Colorado Airport

Sunday, 31 Aug 2014 20:08 PM

All five people aboard a single-engine airplane were killed when it crashed on Sunday in a field adjacent to a runway at . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved