Buffett Rule Would raise $36.7 Billion in First Year, or 3.8% of the Federal Deficit in 2012.

‘Buffett Rule’ Could Create Unintended Consequences

The provision could create unnecessary complexity, raise little revenue

Williams says at a certain point, there are diminishing returns on levying tax increases on the wealthy. Even the rich don’t have unlimited wealth, and Williams adds that, “to close the budget deficit by half, you’d have to raise top rate to about 90 percent from current 35″—a politically untenable rate, to put it mildly.

Read the rest here.