President Obama’s proposal for a “Buffett rule” tax on the rich would directly affect only a small fraction of Americans.
President Obama’s proposal for a “Buffett rule” tax on the rich would directly affect only a small fraction of Americans.
Only around 210,000 taxpayers — a bit over 1 of every 1,000 — would face higher federal taxes if the measure were enacted, according to an estimate by one respected bipartisan research group.
In addition, while Republicans say the plan would be a job killer, only a small proportion of businesses would potentially be subject to the tax, according to data from a 2011 Treasury Department study. These firms make disproportionately large amounts of money, but many of them don’t employ any workers.
Read more at The Statesman Journal.
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