The Fairness Fallacy Behind the Buffett Rule

NEW YORK (TheStreet) -- The President of the United States has decided to take his traveling circus of illusion on the road to pitch his version of a Brave Fair World and the magic of his Buffet Tax that will make this all possible.

Every millionaire would be subject to the new rule and according to all the king's horses and all the king's men, "it will help us close our deficit." When the rule was first floated President Obama stated the tax "could raise enough money" so that we "stabilize our debt and deficits for the next decade." And he added, "This is not politics; this is math."

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Now, I wasn't particularly a very good mathematics student, but I was most certainly not this bad.

However, on a different day in front of a different audience the president stated, "There are others who are saying: well this is just a gimmick. Just taxing millionaires and billionaires, just imposing the Buffet Rule, won't do enough to close the deficit. Well, I agree."