Report: Just $31b From 'Buffett Rule' Tax On Rich

By: AP
By: AP

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.


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  • by LedHed Location: Colorado Springs on Mar 21, 2012 at 06:13 AM
    Wow, "amy", you really put your foot in it here. You'd suggest we "spread the money around"? I suppose some of it would trickle into your pockets, no? Instead of relying on redistribution to make ends meet, you might want to try self-sufficiency, but wait, that would require sacrifice and personal accountability, things you're obviously opposed to.
  • by @ amy on Mar 21, 2012 at 05:38 AM
    Go earn your own money and "spread it round" if it makes you feel better....just don't tell others what to do with theirs.
  • by @ amy on Mar 21, 2012 at 05:36 AM
    you still live at home don't you.
  • by @ amy on Mar 21, 2012 at 05:35 AM
    Yu know who will win the class-war you are advocating? It won't be you!
  • by Max on Mar 21, 2012 at 04:09 AM
    @amy. There are also poor people that can't afford a computer like yours, I guess that means you shouldnt have one either
  • by amy on Mar 20, 2012 at 09:15 PM
    Cliff what an idiotic thing to say! You'd rather cut money to the poorest in the nation, then to tax the richest?
    It's people like you that have led us into this situation.
    Tax the flipping wealthy, spread the money around. I just watched a program on TV where a person spent 300,000 on a dining room table. That kind of purchase makes me angry. No one should be that rich! People are losing their homes, their children are going without, and some a-hole on here wants us to cut welfare... So the rich can be richer, and the lines between the have's and have not's can grow wider. Great idea nimrod!
  • by amy on Mar 20, 2012 at 09:13 PM
    Cliff what an idiotic thing to say! You'd rather cut money to the poorest in the nation, then to tax the richest?
    It's people like you that have led us into this situation.
    Tax the flipping wealthy, spread the money around. I just watched a program on TV where a person spent 300,000 on a dining room table. That kind of purchase makes me angry. No one should be that rich! People are losing their homes, their children are going without, and some a-hole on here wants us to cut welfare... So the rich can be richer, and the lines between the have's and have not's can grow wider. Great idea nimrod!
  • by ? on Mar 20, 2012 at 03:42 PM
    31 billion is only a guess and it's better than zero! Can't believe anything where congress is concerned, anyway.
  • by Jojo Location: colorado on Mar 20, 2012 at 12:01 PM
    does this also mean that buffet will start paying his past due taxes and future taxes or will he continue to use his loopholes to avoid them?
    • reply
      by Or tie... on Mar 21, 2012 at 05:27 AM in reply to Jojo
      up the payment of his taxes in the courts for over 20 years.
  • by Jim Location: Colorado on Mar 20, 2012 at 11:24 AM
    I think that it is a sad day when we scoff at a 31 billion dollar reduction in the deficit. What else can we do that has as much of an impact? Is it too small to consider also?
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