$50 million a year is not a lot of money

I’m amused that Warren Buffett thinks that President Obama’s “Buffett Rule” is a bad idea:

“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.”

He didn’t, but it made it clear that it’s north of $50 million per year.

So much for the name “Buffett Rule.” And it seems that Obama’s policies are being badly buffeted even by his supporters.

===|==============/ Keith DeHavelle