House Passes Huelskamp Sponsored Buffett Rule Act

On Wednesday the U.S. House of Representatives passed by voice vote the Buffett Rule Act of 2012 (HR 6410) to amend the tax code to allow taxpayers to donate additional money to pay down the national debt. Congressman Tim Huelskamp of Kansas is an original sponsor of the legislation that is now headed to the Senate for consideration. In 2011, Warren Buffett publicly complained that he was being taxed too little because the tax code favors wealthy Americans like himself. Congressman Tim Huelskamp called on Warren Buffett to release his tax returns in order to demonstrate that Warren Buffett was misleading the American people about his tax burden. Mr. Buffett refused to release all of the details of his returns.

If the Senate passes the legislation, individual tax forms will now include the following text:“By checking here, I signify that in addition to my tax liability (if any), I would like to donate the included payment to be used exclusively for the purpose of paying down the national debt.”

“Warren Buffett wants to pay more in taxes, and now he has an accessible, no-excuses option for doing so,” Congressman Huelskamp said after the bill passed. “Passage of this legislation provides Buffett with an easy way of paying the additional taxes he feels he owes. I hope Mr. Buffett will be pleased with this new option, exercise his right to it, and encourage his friends to do the same.”

“But, even if Buffett and friends generously donate more to Washington, Washington’s problem is still that it spends too much – not that it taxes too little. Four years of trillion-dollar deficits and $16 trillion in debt – more than $5 trillion of which has been accumulated over the past four years – show that Washington’s priority should be to get its expenses under control. Raising taxes to pay for even more spending will not bring about the fiscal responsibility so desperately needed in Washington right now. But, raising taxes with the fiscal cliff looming – as President Obama wants to do – certainly will kill nearly all prospects for economic recovery.”

  • http://hayspost american

    Is this all the gop have to do in washington, make a stupid law just to spite an american because he says rich people don’t pay ther fair share. no wonder the gop have not help our econony

    • http://hayspost american

      huelscamp is a waste of a human being

      • Citizen

        As are you.

        • http://hayspost american

          as are you, do you realy want to play this game?un american citizen

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    • http://hayspost american

      your welcome hays post

  • Anthony Platt

    The GOP is a joke. Even reasonable libertarians know the rich have evaded taxes greedily through self-made loopholes and shady gimmicks which their lobbyists have helped conceal or permit shamelessly but incessantly for the last few decades, thereby shifting the tax burden to the middle and upper middle classes, driving the debt up and imperiling the entire economy. The GOP is a crooked criminal enterprise. May it sink with the rest of the American empire and fade into the annals of history. Gary Johnson 2012.

  • http://hayspost american

    true, check out romney 2011 tax return, if he wasn’t running for prez, his rate would of been 9%, but because he running he didn’t claim all of his deductions so he looks better saying he paid 14.1 % on his taxes. when he lose’s the election he can revise it again and get back the 1,5 million return he would of got this year at the 9% rate, nice guy, what a fraud