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Obama's Buffett rule impact on taxes, jobs

President Barack Obama's proposal to impose a "Buffett rule" tax on the rich is generating enormous political wattage, but the plan itself would directly affect only a tiny fraction of Americans.

By Alan Fram | Updated on April 16, 2012
FILE - In this Feb. 15, 2010, file photo President Barack Obama congratulates Warren Buffett after presenting him with a 2010 Presidential Medal of Freedom at the White House in Washington. (AP Photo/Carolyn Kaster)

WASHINGTON (AP) — President Barack Obama’s proposal to impose a “Buffett rule” tax on the rich is generating enormous political wattage, but the plan itself would directly affect only a tiny 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.

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