Republicans Propose Their Own Buffett Rule

By Doug Powers  •  October 16, 2011 12:26 PM

**Written by Doug Powers

The apparently futile efforts to make it easier for Warren Buffett and some other guilt-ridden wealthy people to give the government more money continue:

Republican lawmakers have introduced their own “Buffett Rule” that would allow billionaire investors like Warren Buffett who say they’re not paying enough taxes to voluntarily give more money to the federal government.

Under the legislation, authored by Sen. John Thune of South Dakota and Rep. John Scalise of Louisiana, taxpayers can donate at least a $1 to the Treasury fund for deficit reduction when they file their federal income tax returns starting next year.

“If individuals like Warren Buffett or President Obama are inclined to donate their own personal money toward paying down the federal government’s debt, they ought to have that right to do so voluntarily,” Thune said. “This bill would make it easier for those wealthy individuals who feel they are currently under-taxed to pay more to the U.S. Treasury above and beyond their current obligations, without raising taxes on America’s job creators.”

Of course, Warren Buffett, the Patriotic Millionaires or anybody else for that matter can send a check to the US Treasury right now if they want to — most just don’t seem to want to.

**Written by Doug Powers

Twitter @ThePowersThatBe

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Posted in: GOP,Politics

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Comments


  1. #1
    On October 16th, 2011 at 12:31 pm, Truesoldier said:

    They should have called itthe put up or shut up bill.

  2. #2
    On October 16th, 2011 at 12:40 pm, Paratus said:

    If you love your country leftists, here’s your big chance.
    What you say? Oh, ok you meant conservative billionaires should pay more. Got it, now I understand.

  3. #3
    On October 16th, 2011 at 12:42 pm, rambler said:

    Maybe their guilt comes for having gamed and manipulating the system so much that the system is totally broken. How easy it is to be successful when one can lobby for loopholes and get freebies for donations. If these people feel guilty, then they need to come clean and leave the rest of us alone. I don’t need them mucking with what I pay in taxes. They have skimmed enough money off the rest of us. And they shouldn’t be encouraging or funding the lazy garbage OWS protesters either.

  4. #4
    On October 16th, 2011 at 12:54 pm, letget said:

    buffett and those like him have no intentions of sending in extra money to help pay off the debt! They just flap their jaws to tell us what we need to do? They know that if they did send in extra money, not one penny would go to paying off the debt, just more money for bho’s stash!
    L

  5. #5
    On October 16th, 2011 at 1:00 pm, stuckinIL4now said:

    Thank you for posting this. I saw Sen Thune with Greta on Fox this past week and while I remembered the legislation, I couldn’t recall who was proposing it. This seems as easy as it would be for these puds to just send in a check, but in typical leftistproglibtard fashion, they’d rather bellyache, grandstand and try to force everybody else to share in their suffering by paying higher taxes. So I’m sure the Dimbeciles will find hundreds or thousands of reasons to diss it or mangle it beyond recognition.

    It is, in fact, so simple that the rest of us peasants, even the ones who don’t pay taxes but file returns to get all the tax credit goodies, can choose to participate just as the Buh-fay rich do and earmark at least $1 of their ill-gotten bounty to pay some of it back–gotta make sure there’s some left for next year’s tax credits.

  6. #6
    On October 16th, 2011 at 1:16 pm, txvet2 said:

    I think they should add an amendment requiring anybody who advocates raising other people’s taxes to remit half of their total net worth per instance – including any money they’ve parked with Bill Gates to avoid taxes.

  7. #7
    On October 16th, 2011 at 1:22 pm, Pasadena Phil said:

    Buffett is already working as hard as he can to pay his “fair share” but he is tied up with the IRS who who are tying up that $1B in back taxes that Buffett would otherwise give to the government. Damn bureaucracy!

  8. #8
    On October 16th, 2011 at 1:34 pm, babiesgrandma said:

    Paratus said:
    If you love your country leftists, here’s your big chance.

    Hey, ILoveMySmellyBasement, here’s your chance! Turn in your lunch money from mommy and send it in to the Big Left Machine!

  9. #9
    On October 16th, 2011 at 1:41 pm, Rogue Cheddar said:

    I want the tax line provision to donate a dollar to the Warren Buffett STFU fund!

  10. #10
    On October 16th, 2011 at 2:08 pm, tre said:

    They still won’t do it. Looney leftwing liberals think YOU ought to give more, not THEMSELVES.

  11. #11
    On October 16th, 2011 at 2:26 pm, Whirled Peas said:

    On October 16th, 2011 at 12:42 pm, rambler said:

    Maybe their guilt comes for having gamed and manipulating the system so much that the system is totally broken

    Guilt ISN’T one of the non-existing virtues of a liberal.

  12. #12
    On October 16th, 2011 at 2:29 pm, Whirled Peas said:

    On October 16th, 2011 at 1:34 pm, babiesgrandma said:
    Hey, ILoveMySmellyBasement, here’s your chance! Turn in your lunch money from mommy and send it in to the Big Left Machine!

    and forego the joint.

  13. #13
    On October 16th, 2011 at 2:40 pm, Whirled Peas said:

    On October 16th, 2011 at 12:54 pm, letget said:

    buffett and those like him have no intentions of sending in extra money to help pay off the debt! They just flap their jaws to tell us what we need to do? They know that if they did send in extra money, not one penny would go to paying off the debt, just more money for bho’s stash!

    A banker named David Hannum once said ‘There’s a sucker born every minute’.

  14. #14
    On October 16th, 2011 at 2:42 pm, thejim said:

    Believe it or not, there are a number of dumaxs out there that think Ole Warrenutt is quiet the man. Same numb from the heels up clowns that think that our Kenyan-dead guy’s social security numbered pRes is doing a great job.

  15. #15
    On October 16th, 2011 at 3:40 pm, MaverickThrowback said:

    How about a Relocation donation box?

    Transfer all the Hate America peeps to the country of choice.
    It’ll cost the donators, but worth the trip.

  16. #16
    On October 16th, 2011 at 4:04 pm, Hangfire said:

    We can make Hollywood a sanctuary city for the homeless and for Occupiers.

    They have so much money, and so few causes to support.

    Maybe Angelina Jolie or Madonna can adopt a few.

  17. #17
    On October 16th, 2011 at 5:11 pm, mytake said:

    Better yet, send your extra cash to Greece. They need more money so they don’t have to work.

  18. #18
    On October 16th, 2011 at 6:41 pm, swede said:

    mytake said:

    Better yet, send your extra cash to Greece. They need more money so they don’t have to work.

    Give to the gov? It would make more sense to take all your money out on a boat and dump it in the ocean. At least you get a boat ride.

  19. #19
    On October 16th, 2011 at 6:52 pm, sonerai32645 said:

    better to put in the red bucket at christmas time

  20. #20
    On October 16th, 2011 at 7:16 pm, WaterBoyz said:

    Speaking of money….

    A top Republican in Washington dramatically altered his stance on protesters involved in Occupy Wall Street just one week after comparing the movement to “angry mobs”. Eric Cantor, the Republican majority leader in the House of Representatives, told Fox News on Sunday that Republicans agreed there was “too much” income disparity in the country. “More important than my use of the word [‘mobs’] is that there is a growing frustration out there across the country and it is warranted. Too many people are out of work,” he said. linky

    What the *ell ? ? ?

  21. #21
    On October 16th, 2011 at 7:27 pm, TigerLady said:

    Rogue Cheddar said:
    I want the tax line provision to donate a dollar to the Warren Buffett STFU fund!

    I’d give two dollars toward that fund.

  22. #22
    On October 16th, 2011 at 7:36 pm, txvet2 said:

    On October 16th, 2011 at 7:16 pm, WaterBoyz said:

    Looks more like a weak attempt to turn the Dems’ rhetoric back on them rather than any change of policy.

  23. #23
    On October 16th, 2011 at 7:59 pm, txvet2 said:

    In the FWIW category of off-topic news, Dr. Walter Williams is predicting that there is no way Obama can lose in 2012, according to a piece of spam in my e-mail inbox.

  24. #24
    On October 16th, 2011 at 8:09 pm, WaterBoyz said:

    In the FWIW category of off-topic news, Dr. Walter Williams is predicting that there is no way Obama can lose in 2012, according to a piece of spam in my e-mail inbox.

    It was a HOAX
    RiteOn.org

  25. #25
    On October 16th, 2011 at 8:15 pm, 123upnorth said:

    I know no one here is fooled by Warren Buffet, but just to state the obvious, Warren is trying to buy future benefit. Basically, he is investing now to reap a return in the future. Just like Immelt, who curried favour with government, influenced government policy and then made products designed to satisfy said policy.

  26. #26
    On October 16th, 2011 at 9:02 pm, Roland said:

    Republicans agreed there was “too much” income disparity in the country

    Well, they are right. There is.

    However, the Democrats are completely wrong about what causes long term increases in income disparity. It is not ‘greedy capitalists.’

    Increasing income disparity is caused by uncertainty and regulation and taxation and corruption (all by greedy and power hungry Big Government/Democrat types who bash capitalism allied with morally corrupt Big Business types who cut deals with the Democrats) that chokes off competition, thereby putting a big drag on upward mobility.

    Taxing producers to give more money to the less/non productive does not decrease income disparity. It increases it over time.

  27. #27
    On October 16th, 2011 at 9:15 pm, John Deaux said:

    On October 16th, 2011 at 6:41 pm, swede said:
    It would make more sense to take all your money out on a boat and dump it in the ocean. At least you get a boat ride.

    Careful there. The Dems may just decide that anybody who owns a boat is rich enough to go dump their cash and impose the Howell rule.

  28. #28
    On October 16th, 2011 at 9:33 pm, SignPainterGuy said:

    John Deaux #27,

    If you`ll think back to Bush`s tax cuts for everyone who filed an income tax return, the dems screamed that it was “tax cuts for the rich” ! Since the cuts were for “everyone”, by extension, the dems think everyone who earned enough to file a tax return is “rich”.

  29. #29
    On October 16th, 2011 at 9:52 pm, txvet2 said:

    On October 16th, 2011 at 8:09 pm, WaterBoyz said:

    It was a HOAX

    I’m not surprised.

  30. #30
    On October 16th, 2011 at 10:06 pm, Straight_Talk_Luigi said:

    I love how liberals promise to move the stars, moon and sun and in the end don’t even kick a pebble.

    Well done, Republicans

    TEA PARTY 2012!

  31. #31
    On October 17th, 2011 at 1:48 am, Hiraghm said:

    This just in: Eric Cantor decides there’s too much water disparity between the headwaters and the mouth of the Mississippi. Proposes water tax for New Orleans and “unearned water credits” for Minneapolis.

    “We in the Republican establishment will not rest until the Mississippi is as level and unmoving as a lake.” Cantor is quoted as having said (by me).

    “And once we have the Mississippi’s waters equitably redistributed, we’re going after Niagara Falls.”

    /sarc, for the mentally impaired

  32. #32
    On October 17th, 2011 at 2:02 am, Luther said:

    Where do you draw the line? Even some “conservatives” used to criticize Saddam Hussein for living in 27 castles while his people lived in mud huts. The Iraq war was probably all about class envy because Bush only had the Whitehouse and Saddam had 27 castles.

  33. #33
    On October 17th, 2011 at 2:38 am, Hangfire said:

    On October 17th, 2011 at 1:48 am, Hiraghm said:

    “And once we have the Mississippi’s waters equitably redistributed, we’re going after
    Niagara Falls.”

    “Niagara Falls!!!! Slowly I turned………..”

  34. #34
    On October 17th, 2011 at 8:17 am, mondamay said:

    On October 16th, 2011 at 8:09 pm, WaterBoyz said:
    It was a HOAX

    Still probably accurate enough for a Slimes piece. They can always post a correction later somewhere behind the classifieds.

  35. #35
    On October 17th, 2011 at 11:27 am, cheapseat said:

    Warren and all you guilt ridden daddy warbucks guys; just fill out your taxes on the 1040ez short form, you will pay more, I promise. Fire your accountants, fill out the top line in your 1040ez labelled income, and send it in to the IRS, and they will tell you exactly how much your taxes are.

  36. #36
    On October 17th, 2011 at 9:51 pm, ModerateSuccessfulDem said:

    Yawn. Nice to see that laser focus on things that matter, by the GOP. Funny how Mr. Powers didn’t publish Warren Buffett’s response to this childish bill.

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