Lets Double Down on the Buffett Rules-- one each for Warren, and Jimmy - to reduce our deficit

pots of money
in the metaphorical tree form

Warren Buffett has been in the news for his stand on unfair taxation that it is predicted would also reduce our national deficit by 36.7 million dollars a year.

That is of course still just a drop in the proverbial bucket for the overall debt of the United States, but on the other hand, it isn't a bad start.  No one should expect any single tax change to solve everything; that would be unrealistic.  What it WOULD do is to make our tax system far more fair than it is now.  Fair is as good, as desirable, and as important - maybe MORE important - than the important aspect of reducing our debt, our deficit.

I propose, tongue in cheek, that we call this second change the JIMMY 'Buffett Rule", named very for that OTHER famous Buffett, Jimmy Buffett, of the Parotthead fans, and a few notorious scandals involving the demon weed, marijuana.  Per today's HuffPo, no less than 300 economists agree that the U.S. could save an additiona $13.7 billion a year.  Still not in the trilliions, but the odd 14 billion here, and 37 billion there, added together adds up to slim down that debt figure of ours.  The 14 billion figure is the conservative estimate; other economists, given the difficulty in accurately tracking a largely illegal industry, put the benefit to our government more in the range of $100 billion, which would dwarf the more fair contribution from the 1%.  Per the HuffPo, the petition signed by the 300 economists states (in part):

"At a minimum, this debate will force advocates of current policy to show that prohibition has benefits sufficient to justify the cost to taxpayers, foregone tax revenues, and numerous ancillary consequences that result from marijuana prohibition," the petition states. "

Like the (Warren) Buffett rule, a 'Jimmy' Buffett rule also would have the advantage of restoring greater fairness.  I'm assuming the 'numerous ancillary consequences that result from marijuana prohibition' phrase is a polite reference to things like the racial, ethnic and economic disparities in marijuana related incarceration along with the predicted steep reduction in illegal marijuana activity associated with the Mexican cartels.  We already know that drug use, including marijuana uses, is consistent across demographic groups.  Our Justice system should reflect that.

Legalizing pot would provide the opportunity for altering the content for the better, enhancing the positive chemicals - there are some - and minimizing the chemicals which have negative effects, much the way that tobacco companies modified tobacco plants (only more positive in outcome than increasing the levels of nicotine).

potted pot,
and another form of pots of money

My apologies to Jimmy Buffett for hijacking his name for my suggestion, but from his body of work and his life, I have some hope that he might like the idea, and even - maybe? - act on it.  We could do a lot worse than have a Warren Buffett AND a Jimmy Buffett law passed and signed into law.