Warren Buffett has done a great favor to the class warfare supporters in America.  His column in the New York Times last week has become a go-to clutch for every prog who wants to claim that millionaires and billionaires need to pay more in taxes: See, Warren Buffett says that he should be paying more.  It will become a lazy excuse for people who do not take the time to do the research for themselves.  If they did, they would discover that for all his talk .. Warren Buffett’s plan to increase taxes on the rich wouldn’t even make a dent in the fiscal problems of our country.  Not even a dent.  This is because we do not have a revenue problem in this country.  We have a spending problem.  Historically over time, we have collected revenues that correspond with about 18% of our GDP.  This also happened to correspond with our spending levels.  So the government was taking in about as much money as it spent.  Now that is no longer the case.  Albeit years of economic crisis (2008 for example), this 18% figure is pretty static.  But Obama’s budget averages spending of 23% of GDP.  See the problem?

Moving right along .. the point is that taxing the millionaires and billionaires isn’t going to close that gap between the 18% of GDP that our federal government takes in in revenues and the 23% of GDP that the federal government is spending.  But this is what Obama and the progs want you to believe – that all of our problems would be solved if we just taxed the snot out of these millionaires and billionaires.  So David Logan of the Tax Foundation did the research.  Here’s how it is summed up by CNSNews:

… even taxing the nation’s millionaires at 50 percent – even eliminating loopholes and deductions – would only reduce the deficit by 8 percent and the national debt by 1 percent …

Taxing millionaires at an effective tax rate of 50 percent would raise only $120 billion more, according to Tax Foundation calculations based on IRS data.

Taxing those who make $10 million or more at an even higher rate, as Buffett advised, would also do little to reduce the deficit and debt. Tax Foundation calculations indicate that taxing these individuals at an effective rate of 100 percent would only net the government $186 billion, reducing the deficit by 12 percent and the debt by an additional 2 percent.

In fact, the only way for the government to solve its fiscal issues with revenue would be to confiscate every single dollar from every single American making $200,000 or more per year, the study said.

This has nothing to do with growing our economy or paying down our debt.  This is nothing but class warfare .. a vote-buying scheme using wealth envy as a means to rile up ignorant voters.