Sen. John Thune, R-S.D., and Rep. Steve Scalise, R-La., introduced a bill today that would make it a little easier for President Obama to pay voluntarily the 30 percent Buffett Rule tax rate that he supports.
“President Obama continues to advocate for higher taxes on American families and small businesses, yet we just learned that his effective tax rate for 2012 was only 18.4 percent, far lower than the 40 percent top marginal rate he’s advocated for small businesses and 30 percent effective rate he’s advocated for millionaires,” Thune said in a statement on the proposed Buffett Rule Act. “Our legislation, which stands in stark contrast to the misguided approach of raising taxes on American families and small businesses owners, would make it even easier for taxpayers such as the president to pay what they believe is their ‘fair share.’”
The bill adds a box on IRS forms that allows people to pay extra in taxes in order to pay down the federal debt. “President Obama already got more than $600 billion in tax hikes just a few months ago, not to mention the $1 trillion tax hike on middle-class families included in Obamacare,” Scalise said. “If Warren Buffett and others truly feel like they’re still not paying enough in taxes, they can use this Buffett Rule to put their money where their mouth is and voluntarily send in more to pay down the national debt, rather than raising taxes on hard-working Americans.”