Romney Campaign Press Release - The Obama Rule: Bad Math Just Doesn't Add Up

"President Obama may like to claim his so-called ‘Buffett Rule' is just a matter of ‘math.' But the President may want to check his math again, since his proposal has been panned by the media and economic experts. This latest tax hike scheme is just another example of a president willing to say and do anything to distract from his failed record of chronic unemployment and trillions of dollars in new debt and wasteful spending." —Andrea Saul, Romney Campaign Spokesperson

President Obama Has Touted His Latest Political Stunt As A Matter Of Simple "Math":

President Obama, On His Preference For The "Buffett Rule" Over Other Tax Plans: "That Is Not Class Warfare ... That Is Math." "As both I and Warren Buffett have pointed out many times now, he's paying a lower tax rate than his secretary. That is not fair. It is not right. And the choice is really very simple. ... That is not class warfare, that is not class envy, that is math." (President Barack Obama, Remarks, Washington, D.C., 4/3/12)

In September 2011, President Obama Claimed His Plan Could "Raise Enough Money" To Finance His Spending Priorities And "Stabilize Our Debt And Deficits." OBAMA: "What I've said is this is a very simple principle that everybody should understand: Warren Buffett's secretary shouldn't pay a lower [sic] tax rate than Warren Buffett. ... And that basic principle of fairness, if applied to our tax code, could raise enough money that not only do we pay for our jobs bill, but we also stabilize our debt and deficits for the next decade. And as I said when I made the announcement, this is not politics; this is math." (President Barack Obama, Remarks in San Diego, CA, 9/26/11)

But President Obama's Math Doesn't Add Up — "More A Political Statement Than A Deficit-Reduction Tool":

President Obama's Tax Hike Is "A Drop In The Bucket Of The More Than $7 Trillion In Federal Budget Deficits" Projected Under His Policies. "That figure would be a drop in the bucket of the more than $7 trillion in federal budget deficits projected during that period. It is minuscule compared with the many hundreds of billions of dollars it would cost to repeal the alternative minimum tax, which Obama's budget last month said he would replace with the Buffett-rule tax." ("Report: 'Buffett Rule' Tax On Rich Would Do Little Against Deficits," The Associated Press, 3/21/12)

The Wall Street Journal: "This Year, The Buffett Rule Would Increase Federal Revenues By All Of $1.1 Billion. That's Less Than One-Tenth Of One Percent Of The $1.2 Trillion Budget Deficit..." "Joint Tax dutifully studied the bill and has delivered the official score: This year, the Buffett rule would increase federal revenues by all of $1.1 billion. That's less than one-tenth of one percent of the $1.2 trillion budget deficit Mr. Obama is scheduled to run this year. Through 2022 Joint Tax expects less than $47 billion in total new revenues from the Buffett rule while the government will be adding trillions of dollars to the national debt." (Editorial, "The Bottom 0.1%," The Wall Street Journal, 3/21/12)

Los Angeles Times: "More A Political Statement Than A Deficit-Reduction Tool..." "The proposed Buffett rule is more a political statement than a deficit-reduction tool, given how little money it may raise. In that sense, it's like Obama's oft-repeated call to eliminate tax breaks for corporate jets." (Editorial, "The ‘Buffett Rule,' And More," Los Angeles Times, 9/20/11)

Clinton White House OMB Director Alice Rivlin: "The Way To Fix The Tax Code Is To Fix The Tax Code, Not To Add Another Complication At The Margin." RIVLIN: "I'm very fond of Warren Buffett. I think his basic observation that he pays too little taxes is right. But the way to fix the tax code is to fix the tax code, not to add another complication at the margin." (CNN's "State Of The Union," 9/18/11)

This Marks The Latest In A String Of Failed Policies From President Obama That Have Done Nothing To Address Our National Debt And Deficits:

President Obama Did "Not Come Close To Meeting" His Promise To Cut The Deficit In Half By The End Of His First Term. "The 2013 budget the president submitted today does not come close to meeting this promise of being reduced to $650 billion for fiscal year 2013. The president noted in that 2009 speech the Obama administration inherited a $1.3 trillion deficit. The deficit was similarly $1.3 trillion in 2011, is projected to be $1.15 trillion in 2012, and the president's budget claims it will be $901 billion in 2013." (Jack Tapper, "Obama's Broken Deficit Promise," ABC News, 2/13/12)

Obamacare Could Add Up To $530 Billion To The Federal Budget Deficit, Despite President Obama's Promise That The Law Would "Curtail Government ‘Red Ink.'" "President Barack Obama's healthcare law could sharply exceed its cost-savings targets and add up to $530 billion to the federal budget deficit, a leading authority on U.S. government benefit programs said on Tuesday. A study by Charles Blahous, a George Mason University research fellow and the Republican trustee for the Medicare and Social Security entitlement programs for the elderly, challenges the administration's contention that the 2010 law would better keep healthcare costs in line. ... Obama and the Democrats believe the law will control skyrocketing costs and curtail government ‘red ink.'" (John Crawley, "Obama Healthcare Law Could Sharply Worsen U.S. Deficits: Study," Reuters, 4/10/12)

Under President Obama, The Nation's Total Public Debt Has Reached A Record $15.6 Trillion. (U.S. Department Of Treasury Website, www.treasurydirect.gov, Accessed 4/9/12)