September 20, 2012
House Makes it easier for Buffet, billionaires to pay down Federal debt
The House of Representatives--on a bi-partisan voice vote--passed the "Buffet Rule Act", which allows anyone to voluntarily pay more in taxes.
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....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.