“We don’t run bake sales” Addendum

Shikha Dalmia of the Reason Foundation made a excellent point:

If Buffett has trouble putting his money where his mouth is, he’s not alone. Obama’s tax returns (released last week) show that he paid a 20 percent effective tax rate on his $790,000 income — slightly lower than his secretary’s and a whole four points lower than the average rate for people in his income category. He could have easily avoided this by filing his tax returns the way he advocates millionaires do — by forgoing all deductions. But he didn’t. Not only did he claim a $47,564 mortgage deduction on his $1.6 million home in Chicago, he also claimed tax breaks on the $172,130 — about 22 percent of his gross adjusted income — he gave to charity.

This would be perfectly legitimate for someone who didn’t believe that the government is the best vehicle for doing good. But the president does. He has repeatedly said that the Buffett Rule is not about raising revenues to pay down the country’s massive deficits and debt.

After all, 250 years of Buffett revenues wouldn’t so much as pay for last year’s deficit.

Rather, Obama insists that the rule is about “fairness,” ensuring that the rich pay at least the same tax rate as middle-income people. But if that’s the case, why didn’t he hand Uncle Sam the donations he gave to charity or at least not take deductions for them?

The rest of the op-ed can be found at The Daily.

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