President Obama Debunks the Myth of the Fair Tax

One of the things that have not been reported on about Barack Obama's visit to Buffalo, NY today was his reaction to a question about abolishing the IRS and moving to a flat tax. Obama said, "In order to have a flat tax that was revenue-neutral, that didn't add to the deficit, it'd have to be a pretty substantial tax, but it would mean a huge tax break for Warren Buffett."