Reducing deficit takes more than higher taxes on rich

Though he is OK with higher taxes on the wealthy, noting that the top capital-gains rate was 28 percent under President Reagan and “the economy did fine,” columnist Robert J. Samuelson argued that a “Buffett Tax,” named after billionaire Warren Buffett, wouldn’t make much of a dent in the federal deficit. “In September, the Congressional Budget Office estimated the 10-year deficit at $8.5 trillion,” Samuelson wrote. “The nonpartisan Tax Foundation estimates that a Buffett Tax might now raise $40 billion annually.” Though every bit helps, the debate is mostly a political distraction from the real work needed to create jobs and significantly reduce the deficit, Samuelson argued.