If Warren Buffett and others like him truly feel they’re not paying enough in taxes the Republicans today passed their own version of the Buffet Rule, which will allow wealthy Americans to voluntarily pony up to reduce the deficit.
The bill is labeled the Buffett Rule Act and those who say they don’t pay enough tax can use this Act to put their money where their mouth is, they can send in more to pay down the national debt rather than changing the entire tax code to inflict more job killing tax hikes on hard working Americans.
obama and his Administration has proposed a Buffett Rule tax based on billionaire investor Warren Buffet’s statement that he shouldn’t pay lower taxes than his secretary.
Democrats said there should be a minimum tax for the wealthy, which would mean investors would pay more. They proposed a 30 percent tax on those with incomes higher than $1 million a year.
Republicans, though, objected to rewriting the tax code on Mr. Buffett’s say-so, and said he is free to pay more if he wants.
Current law already allows taxpayers to send money to pay down the debt, but Republicans said that process is onerous. Under their new plan, taxpayers would have an easy option on their tax returns allowing them to pay more.
Under Republicans’ legislation, the money would go directly toward reducing the debt.
Democrats didn’t object to the bill, but said it did a disservice to the real Buffett Rule tax.
“There’s nothing wrong with this bill except the label,” said Rep. Sander Levin, Michigan Democrat.