WASHINGTON (AP) -- Congress' official tax analysts say President Barack Obama's proposed "Buffett rule" on taxing people earning over $1 million a year would yield $31 billion over the next 11 years. That would be a minuscule percentage of the federal budget deficits projected during that period, which are expected to exceed $7 trillion.
The figure comes from an estimate by Congress' Joint Committee on Taxation of a bill introduced last month by Sen. Sheldon Whitehouse. The Rhode Island Democrat and others in his party intended to enshrine Obama's proposal in law.
Obama has proposed requiring that people earning at least $1 million annually pay at least 30 percent of their income in taxes. It's named for billionaire investor Warren Buffett, who has said that taxes on the wealthy are not high enough.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.