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Buffett Says ‘Buffett Rule’ Should Apply Only to ‘Ultra-Rich’

Official White House Photo by Pete Souza(NEW YORK) -- Billionaire investment tycoon Warren Buffett, who has become the unwitting mascot of President Obama’s jobs plan, is less than thrilled with one of the plan’s main provisions: the millionaires’ tax, or as it’s come to be known, the “Buffett Rule.”

In an interview with Bloomberg Television on Friday, Buffett said he did not support the president’s plan to increase taxes on people who earn more than $1 million per year.

“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 with “very high incomes that are taxed very low.” Buffett did not put on a number on what a “very high income” would be.

The Buffett Rule, as President Obama has taken to calling it, is a provision in Obama’s American Jobs Act that would increase the tax rate for millionaires to ensure that high income earners do not pay a lower tax rate than middle-or low-income earners. Obama dubbed this provision the Buffett Rule after the billionaire investor said there should be “shared sacrifice” in reducing the deficit.

In a New York Times op-ed in August, Buffett complained that he and his “mega-rich” friends have been “coddled” by a “billionaire-friendly Congress” because he pays a lower tax rate than his secretary.

The day after Buffett’s piece ran in the Sunday paper, Obama cited it as proof that a “balanced” approach was necessary in deficit reduction. Less than a month later, Obama introduced his American Jobs Act, which included the so-called Buffett Rule.

Buffett said Friday he has not “looked at all the details” of the president’s jobs act, which he called a “stimulus plan,” but said he would probably not support the entire bill.

Copyright 2011 ABC News Radio

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