Kaine Opposes Buffett Rule; Goes Straight To The Buffet Bar

Looks like Governor “Abuser Fees” Tim Kaine opposes the Buffett Rule… but not for the reasons you’d think:

I don’t see any evidence that Congress is really talking about much about what’s going to happen with the Bush tax cuts. What I would do? I’d let them expire over $500,000. If you did that, you’d reduce the deficit by over $500 billion—so we’re not talking about a Buffett Rule that is a $47 billion over a decade in deficit reduction.

So Kaine opposes the Buffett Rule because it doesn’t raise taxes enough?!  

Now isn’t that reassuring… listen to the audio clip courtesy of the Washington Free Beacon.

UDPATE: RPV Chairman Pat Mullins doubles down in a press release:

“It’s no surprise that Chairman Kaine would prefer the larger of any two tax increases. Remember, this is the same guy who proposed what would have been the largest tax increase in Virginia history, a $2 billion increase in the state’s income tax,”said RPV Chairman Pat Mullins.

“Voters have a clear choice in November. If you think we need higher taxes and bigger government, vote for Tim Kaine. But if you want lower taxes and smaller government, vote for the Republican candidate. It really is that simple,” he said.

Amazingly enough, Kaine has said nothing about whether or not he believes that stay-at-home mothers work just as hard as liberal Capitol Hill talking heads.  Wonder why that is?

  • Eric the 1/2 Troll

    “What I would do? I’d let them expire over $500,000.”

    Here is the issue, if Congress doesn’t come together to agree on this or some variation, they will expire for EVERYBODY. So a do nothing Congress might very well be VERY GOOD for the federal budget. Bad for the middle class but good for the budget.

    I prefer the Buffett Rule because it does no harm to S Corp owners but addresses some of the unfairness in the tax code – THAT is the point Kaine is missing.

  • Eric the 1/2 Troll

    My guess is that Allen would do nothing about the revenue side of the equation (except perhaps lower it) and would do nothing about the inequity in the tax code between millionaires and their secretaries.

  • At least Kaine is honest about the true impact of the Buffett Rule… which is nothing at all.

    Just a gimmick.

  • Everyone needs to be prepared for the fact that taxes are going up on everyone at the end of the year. I do not see a tax bill getting done and there’s no way Republicans will allow a tax increase on some but not all, and no way Democrats will allow a tax increase on anybody but whoever they claim is rich on any given day.

    Thus, the Bush/Obama tax cuts expire at the end of the year and we all pay more.

  • Foobar

    What i find ironic regarding the reaction to Kaine’s comments here is that the GOP’s criticism of the Buffet Rule is that it doesn’t put a sizable dent in the deficit. Kaine, listening to the GOPs complaints, addresses those complaints by identifying a better vehicle for deficit reduction. Alas, the GOP does not want to hear that one either. Besides, Grover would not allow it.

  • Mormor

    “Please, raise my taxes”
    Today’s WashPost, pg A17

    Interesting column written by Whitney Tilson,
    a hedge fund manager and a member of Patriotic
    Millionaires for Fiscal Strenght.

  • Mormor


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