Buffett Says ‘Buffett Rule’ Should Apply Only To ‘Ultra-Rich’

Source: Amy Bingham / ABC News

Billionaire investment tycoon Warren Buffett, who has become the unwitting mascot of President Obama’s jobs plan, is less than thrilled with one of the plan’s main provisions: the millionaires’ tax, or as it’s come to be known, the ”Buffett Rule.”
In an interview with Bloomberg Television today, Buffett said he did not support the president’s plan to increase taxes on people who earn more than $1 million per year.

“It isn’t [my idea] to have the rich pay more taxes. It’s to have the ultra-rich pay more,” he said, according to The Hill. “What I’m talking about would probably apply to 50,000 people in the country.”

Later on CNBC Buffett said if it were up to him, people earning $50 million would not see any tax increases, only people who “make a lot of money and pay a very low tax rate, like me.” Buffett did not put on a number on what he considers a “very high income.”

The Buffett Rule, as President Obama has taken to calling it, is a provision in Obama’s American Jobs Act that would increase the tax rate for millionaires to ensure that high income earners do not pay a lower tax rate than middle- or low-income earners. Obama dubbed this provision the Buffett Rule after the billionaire investor said there should be “shared sacrifice” in reducing the deficit.

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  • Anonymous

    So Buffett thinks a $50 million income is not out of the ordinary?
    Looks like Republicans have a new hero today.