How will the “Buffet rule” reduce the deficit?

The “Buffett rule” (a minimum 30% tax on people making over $1 million per year) has been suggested and raised these past few months as a possible cure to national deficits.

The projected revenue increases range from between $30 billion and $40 billion over 10 years.

Below is a chart (courtesy of political math) which demonstrates the impact the “Buffet rule” will have on government finances, in particular, the deficit. Make sure to scroll all the way down to the bottom of the chart to see the impact.