House passes Buffett Rule Act, paving way for rich to pay more voluntarily

By voice vote this afternoon, the House passed the Buffett Rule Act of 2012, which paves the way for taxpayers to voluntarily pay more than they owe to reduce the national deficit. Taxpayers already can pay more than they owe, but the legislation would facilitate the process by adding a checkbox directly to federal tax forms.

The legislation would need to pass the Democrat-controlled Senate to become law. Rep. Steve Scalise of Louisiana, who wrote the bill, said, “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.” Problem solved, right?

The move comes the day after President Obama told David Letterman he couldn’t remember just how big the national debt was. Note: it passed the $16 trillion mark just as the Democratic National Convention was getting underway. Will the checkbox make it easier for those who’ve been so anxious to pay more but just haven’t been able to find the checkbook?

blog comments powered by Disqus