Associated Press
Tuesday, March 20, 2012
WASHINGTON — A bill designed to enact President Barack Obama's plan for a "Buffett rule" tax on the wealthy would rake in just $31 billion over the next 11 years, according to an estimate by Congress' official tax analysts obtained by the Associated Press.
That figure would be a drop in the bucket of the over $7 trillion in federal budget deficits projected during that period. It is also minuscule compared to the many hundreds of billions it would cost to repeal the alternative minimum tax, which Obama's budget last month said he would replace with the Buffett rule tax.
The alternative minimum tax, originally aimed at ensuring that wealthy Americans pay taxes despite deductions and other breaks, has begun affecting upper-middle-class families. Congress acts every year to minimize its impact.
The Buffett rule has become a leading symbol of Obama's and ...