Report: Just $31B From Buffett Rule Tax On Rich

WASHINGTON (AP) — Congress' official tax analysts say President Barack Obama's proposed "Buffett rule" on taxing people earning over $1 million a year would yield $31 billion over the next 11 years. That would be a minuscule percentage of the federal budget deficits projected during that period, which are expected to exceed $7 trillion.

The figure comes from an estimate by Congress' Joint Committee on Taxation of a bill introduced last month by Sen. Sheldon Whitehouse. The Rhode Island Democrat and others in his party intended to enshrine Obama's proposal in law.

Obama has proposed requiring that people earning at least $1 million annually pay at least 30 percent of their income in taxes. It's named for billionaire investor Warren Buffett, who has said that taxes on the wealthy are not high enough.