Posted on 04/16/2013 8:57:08 AM PDT by Responsibility2nd
Louisiana Republican Rep. Steve Scalise and South Dakota Republican Sen. John Thune introduced legislation on Tax Day that would make it easier for wealthy Americans like President Barack Obama and billionaire Warren Buffett to voluntarily pay more in taxes.
White House press secretary Jay Carney recently made it clear the president wishes he paid more in taxes, and Buffett has also advocated for tax hikes on the rich.
“If Warren Buffett and others truly feel like they’re still not paying enough in taxes, they can use this Buffett Rule to put their money where their mouth is and voluntarily send in more to pay down the national debt, rather than raising taxes on hard-working Americans,” Scalise said.
“Liberals in Congress and the White House continue to call for more revenue. Here is their chance, but the only prerequisite is that donations that come from the Buffett Rule Act are strictly voluntary and are used to pay down our massive debt, not to fund more irresponsible spending,” he added.
Americans can already donate more money to the Treasury. Scalise’s and Thune’s legislation, however, would add a box to IRS filing forms to make the process even easier.
“President Obama has signed over $1.7 trillion in tax hikes into law since taking office, and now is proposing another $1.1 trillion in new taxes in his budget, including his Buffett Rule tax hike, which will stifle job creation and economic growth,” Thune added in a statement.
“President Obama continues to advocate for higher taxes on American families and small businesses, yet we just learned that his effective income tax rate for 2012 was only 18.4 percent, far lower than the 40 percent top marginal rate he’s advocated for small businesses and 30 percent effective rate he’s advocated for millionaires,” he continued.
According to Thune, the Buffett Rule Act will make it easier for “taxpayers such as the president to pay what they believe is their ‘fair share.’”
Last year, the House passed the Buffett Rule Act of 2011. The Senate did not consider the legislation.
If the bill is passed, the box on the IRS forms would read: “By checking here, I signify that in addition to my tax liability (if any), I would like to donate the included payment to be used exclusively for the purpose of paying down the national debt.”
A fairer tax code would allow for Republicans to pay 10 percent less than liberals.
Its called putting your money where your mouth is. Liberals need to be made to understand that.
Buffet pay more tax? His company has been contesting a tax assessment since 2002. OK for thee but not for me.
The problem with rich Libs like Buffett is that they already made their money. He could be taxed at 100% for the rest of his life and still be one of the richest men in America. If Buffett really wants to put his money where his hypocritical mouth is, he should advocate a net wealth tax — 10% or 20% of his net worth paid to the government. You’ll never hear him advocate that. Of course, I think that would be a horrible idea but if Buffett really is concerned that he hasn’t paid enough, that is the way to do it. At least it would get him to stop moaning about how rich people like himself don’t pay enough.
Why not just make a law that says you can tell the IRS whatever rate of tax you want to pay above the minimum rate and have the IRS hold you do that.
When when rich hypocrites like Obama and buffet come crying about not paying enough taxes we can insist they send the letter to the IRS to change their tax rate.
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