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GOP introduces its own ‘Buffett Rule’: Streamline donating cash to government
Daily Caller ^ | 10/13/11 | Caroline May

Posted on 10/13/2011 12:14:43 PM PDT by DFG

Billionaire investor Warren Buffett revealed Wednesday that he made $62,855,038 last year, paying $6,923,494 in income taxes (or about 17 percent of his $39,814,784 taxable income) and $15,300 in payroll taxes.

With Buffett concerned that he does not pay enough in taxes, congressional Republicans have introduced legislation to allow Buffett — and others who believe they are under-taxed — the easy option of voluntarily donating to the U.S. Treasury on their tax forms.

(Excerpt) Read more at dailycaller.com ...


TOPICS: News/Current Events
KEYWORDS: buffett; buffettrule; buffettruleact; hr3099; scalise; thune
Excellent
1 posted on 10/13/2011 12:14:47 PM PDT by DFG
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To: DFG

Don’t know how he gets to payroll taxes of $15,300.

He should be paying 12.4% to a FICA limit of just over $100K. Then he should be paying 2.9% on all the rest of his net for Medicare, since Medicare doesn’t have any limit on the gross amount paid.


2 posted on 10/13/2011 12:20:57 PM PDT by ridesthemiles
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To: DFG
Smart move GOP....

when Obamacare kicks in the bureaucrats just need to click on that line to see how much you contributed and so decide your level of "medical service."

3 posted on 10/13/2011 12:22:49 PM PDT by spokeshave (Obama's ratings are so low...Kenyans accuse him of being born in the USA,)
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To: DFG

me thinks Warren Buffett is wishing he had just kept his mouth shut , also wondering if Obama Admin had him say the not enough tax thing LOL


4 posted on 10/13/2011 12:23:49 PM PDT by molson209
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To: DFG

If his net taxable income is $39 million, 814 thousand & 784 dollars, than that number times 2.9% equals $1,154,628. Where is his reference to that amount in his “payroll taxes?

The no limit on Medicare taxable income has been in place for a number of years.

Is Buffett using Little Timmy G’s Turbotax program???


5 posted on 10/13/2011 12:24:49 PM PDT by ridesthemiles
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To: spokeshave
....and when you get your packet of Aspirin....

just remember that the bureaucrats are exempt....and get their own gold plated medical system.

6 posted on 10/13/2011 12:24:49 PM PDT by spokeshave (Obama's ratings are so low...Kenyans accuse him of being born in the USA,)
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To: DFG

On the form, call it “the Buffet Box” - check the box to make a voluntary on-deductible ncontribution above and beyond my required taxes.


7 posted on 10/13/2011 12:41:12 PM PDT by eCSMaster (Democrats: the Party of NO!)
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To: ridesthemiles
Don’t know how he gets to payroll taxes of $15,300.

He should be paying 12.4% to a FICA limit of just over $100K. Then he should be paying 2.9% on all the rest of his net for Medicare, since Medicare doesn’t have any limit on the gross amount paid.


FICA and Medicare taxes apply only to earned income, which would be Mr. Buffett's salary of $100,000/yr. The rest of his income is interest, dividends and capital gains.


8 posted on 10/13/2011 12:44:25 PM PDT by Milton Miteybad (I am Jim Thompson. {Really.})
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To: eCSMaster

If the Republicans and business people had any huevos they would name things after the people who created them. If I owned a bank every single statement with the $5 fee on it would be deemed the Dick Durbin Fee.
I would make sure every single person in the U.S. knew exactly why they were paying what they are paying.


9 posted on 10/13/2011 12:48:59 PM PDT by sheana
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To: DFG; ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; calcowgirl; Gilbo_3; NFHale; ...
I have recommended this for years and more frequently when Buffett came out with this non-sense.

Also, I recommended make those that donate to this names publicly posted on a government website so they can get that ‘credit” for it , or we can see who the liars are like Buffett.

10 posted on 10/13/2011 1:06:50 PM PDT by sickoflibs (Cain :"My parents didn't raise me to beg the government for other peoples money")
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To: DFG

Not only send this to Barry to sign, but make it an event. Barry can be the first sign other $1 million dollars of his personal wealth to the treasury.


11 posted on 10/13/2011 1:20:45 PM PDT by School of Rational Thought (Fun for women ages 21 - 35)
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To: DFG

This option should not be relegated to a tax return. Should have a simple that Kanya West could be given to sign over his wealth at any time of year.

It would be great PR to hand these to liberals, especially on TV.


12 posted on 10/13/2011 1:24:31 PM PDT by School of Rational Thought (Fun for women ages 21 - 35)
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To: sickoflibs
I recommended make those that donate to this names publicly posted on a government website so they can get that ‘credit” for it , or we can see who the liars are like Buffett.

Is it true Buffett is behind on his taxes?

13 posted on 10/13/2011 1:59:50 PM PDT by GOPJ (Occupy Wall Street Zombies Lastest Chant: “You Can Have Sex With Animals”)
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To: sickoflibs
"...or we can see who the liars are like Buffett."
I believe according to a lot of sites, that he still owes around a billion bucks in back taxes.
14 posted on 10/13/2011 4:39:05 PM PDT by Marine_Uncle (Honor must be earned.)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks sickoflibs.


15 posted on 10/13/2011 6:45:04 PM PDT by SunkenCiv (It's never a bad time to FReep this link -- https://secure.freerepublic.com/donate/)
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