I did not know this: 68% of million dollar personal income tax returns are actually S-Corporation businesses. The business owner has the business income pass through his or her personal return. They are taxed on this money whether they distribute the gains or not. The available capital for these owners to reinvest is reduced by the top marginal tax rate. The Buffett Rule would impose a new sort of AMT on these owners.
Obama and Elizabeth Warren can say that these people can afford it, but for most million dollar returns, you’re not actually talking about a person, you’re talking about a business.