RedStateVT Proposes "Buffett Billion Rule"

Today RedStateVT is proposing the "Buffett Billion Rule." Here is how it works. Anybody with a net worth of over $1 billion is required to pay a "fairness tax" to the government equal to any excess above that amount. The rationale is simple: what possible use could any one individual have for accumulating wealth in excess of $1 billion? (A 50 year old with $1 billion - the maximum amount allowed under the Buffett Billion Rule - who lived to be 90 years old could spend $68,500 per day! Who couldn't live on $68,500 per day?) The government would agree not to touch the billionaire's remaining billion dollars thereby providing a rather substantial floor (and peace of mind) to the billionaire. Amounts collected by the government by way of the Buffett Billion Rule could be used to redistribute to others in need, pay down the deficit, pay teachers more money, rebuild bridges, fund green energy start-ups, etc.


To provide one measure of the amount of money that could be collected, RedStateVT reviewed the Forbes list of the world's richest people and randomly selected seven billionaires representing various levels of billionaireness. The names included Warren Buffett ($44 billion) for whom the rule is named, Michael Bloomberg ($22 billion), George Soros ($20 billion), David Geffen ($5.5 billion), George Lucas ($3.2 billion), Steven Spielberg ($3 billion) and Oprah Winfrey ($2.7 billion). Application of the Buffett Billion Rule would result in additional government revenue of $93.4 billion from these billionaires alone!!


RedStateVT urges all registered (and unregistered) voters to call their congressperson today and demand that the federal government enact the Buffett Billionaire Rule. Alternatively, you may choose to visit your representative at their official government office.  (Note: proper ID required for entry.)


Hoping Against Hope
"And we’re hoping that because of its simplicity and clarity, perhaps that Republicans this time will heed the call of their constituents, read the polls at least, as I hear they sometimes do, and act accordingly because it’s a matter of basic fairness and it makes economic sense.”

-- White House Press Secretary Jay Carney discussing President Obama’s call for a millionaires tax.  (Foxnews.com, 4/12/2012)


Speaking of polls, Carney added that President Obama has indeed read the polls saying that two-thirds of Americans are opposed to Obamacare and that he is now going to issue a 50 state exemption. Just kidding!