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article imageWarren Buffett not supporting White House 'Buffett Rule'

By Michael Krebs     Sep 30, 2011 in Politics
In an interview with CNBC, Berkshire Hathaway Chief Warren Buffett clarified the nature of his tax increase proposal, saying the 'Buffett Rule' floated by the White House was not in line with Buffetts thinking.
The Obama administration appears to have garbled billionaire Warren Buiffett's position on taxes for the ultra-wealthy, according to a CNBC interview transcript posted on Real Clear Politics.
Buffett insisted the income tax proposal that he outlined in a recent New York Times Op-Ed, known as "The Buffett Rule" was intended to impact only the wealthiest Americans that receive their income primarily from investments and therefore pay a lower tax rate than others in their income bracket. According to Buffett, the tax increase that he supports would "apply to 50,000 people in a population of 300 million."
"My program would be on the very high incomes that are taxed very low," Buffett said. "Not just high incomes. Somebody making $50 million a year playing baseball, his taxes won't change. Make $50 million a year appearing on television, his income won't change. But, if they make a lot of money and pay a very low tax rate, like me, it would be changed by a minimum tax that would only bring them up to what other people pay."
While Bloomberg reported that 63 percent of the investment community polled by Bloomberg's Global Poll agree with the Obama administration's push for increased taxes on higher-income Americans, Buffett's comments demonstrated the disconnect between his tax revenue ideas and those put forward by the White House as "The Buffett Rule."
Buffett insisted in a separate interview on Bloomberg Television that his income tax ideas were not meant to target Americans as broadly as the program supported by President Obama, according to The Hill.
"It would simply mean that if you made tens of millions of dollars, and your tax rate was 16 or 17 percent, you would start paying like the person who made $100,000 or $10 million who paid normal tax rates,” Buffett explained.
Buffett's positions is significantly different from that espoused by the White House.
"My program is to have a tax on ultra-rich people who are paying very low tax rates. Not just all rich people. It would probably apply to 50,000 people in a population of 300 million," Buffett said.
More about Warren buffett, Obama, White house, Taxes, Unemployment
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