thank you...
Posted on 09/19/2012 4:14:42 PM PDT by hecht
The House on Wednesday passed Republicans' own version of the Buffett Rule, which allows wealthy Americans to voluntarily pony up to reduce the deficit. The bill, labeled the Buffett Rule Act, passed by voice vote, meaning Democrats and Republicans agreed with it. Under the legislation, which would still need Senate approval, taxpayers could check a box on their taxes and send in a check for more than they owe to the IRS. "If Warren Buffett and others like him truly feel they're not paying enough in taxes, they can use the Buffett Rule Act to put their money where their mouth is and voluntarily 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," said Rep. Steve Scalise, the Louisiana Republican who wrote the bill. President Obama and Democrats had proposed a Buffett Rule tax, based on billionaire investor Warren Buffett's statement that he shouldn't pay a lower rate on his income than his secretary. Investments are taxed at a lower rate than salary or wage income under the theory that they are spurring economic growth, so wealthy investors usually pay less as a percentage, though they end up paying far more in real dollar terms. 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.
(Excerpt) Read more at washingtontimes.com ...
It is liberal Holy Writ that all good comes not from the person but from OPM.
What, no box to check to pay less in taxes via a personal recommendation as to where spending can be cut?
Even if passed I doubt it would generate enough revenue to cover to cost of passing the bill.
***”...based on billionaire investor Warren Buffett’s statement that he shouldn’t pay a lower rate on his income than his secretary.”***
No problem. Pass a law that all secretaries be paid the same as the boss.
I think we need to raise taxes on liberals.
The Liberal Tax
That’s better than the tax on tire inflation and repair devices. (Flat Tax)
*face palm*
Hello.. The government already has an address to send extra to.
No one ever does. But it already exists. This bill was a waste of time.
I would dearly love to hear somebody ask these rich mouthy liberals (especially "celebrities") if they have their taxes calculated without the Bush tax cuts.
No.. but they will on next years taxes if Obama stays in office ;)
This is great!
thank you...
:>)
Onerous? ONEROUS??
Financial gifts can be made by check or money order payable to the United States Treasury and mailed to the address below.Gifts to the United States U.S. Department of the Treasury Credit Accounting Branch 3700 East-West Highway, Room 622D Hyattsville, MD 20782
My God! How can the millionaires' and billionaires' personal accountants not figure out how to WRITE AND MAIL A CHECK?
No one ever does. But it already exists. This bill was a waste of time.
You know that and I know that, but most people don't. Plus, the site you are talking about is for a gift to the US Treasury.
This bill puts it on the IRS form for all to see. The perception is different.
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