President Barack Obama's just-released budget for fiscal year 2013 contains several controversial items many of which have lead Republicans to call it "a campaign document." Stuart Varney from the Fox Business Channel joined Mark Simone to discuss one of the inflammatory topics brought to light by billionaire Warren Buffett.
Obama is backing a 30% tax on incomes of more than $1 million, embraced after billionaire Warren Buffett said the government was "coddling" the super-rich. Stuart Varney vehemently disagreed. "The president and his administration has convinced people that rich people do not pay their fair share - the exact opposite is true!" Varney exclaimed.
Additionally, "The Buffett Rule" would affect so few people that it will have no measurable effect on income distribution. Citizens for Tax Justice, figures that the Buffett Rule would affect about 0.08 percent of taxpayers, or one out of every 1,250. Liberals are foolish to think that by enacting the Buffett R ule, we will have solved the problem of growing income inequality, when we won't really have even touched it.