What gridlock in Washington?
Yesterday, the House of Reps passed a Buffett Rule that should put an end to Warren’s carping about how his taxes are too low.
According to the Washington Times:
The House 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, taxpayers can 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.”
Current law already allows taxpayers to send money to pay down the debt, but the process is a bit onerous.
Under their new plan, taxpayers would have an easy option on their tax returns allowing them to pay more.
Under the legislation, the money would go directly toward reducing the debt.
So, do you think Buffett will put his money where his mouth is?
I’m betting the under.