Senator John Thune (R-S.D.) and Congressman Steve Scalise (R-La.) today re-introduced the Buffett Rule Act, which would make it easier for individuals who believe they are under-taxed to voluntarily send extra money to the U.S. Treasury for the purposes of paying down the national debt. Currently, individuals can donate extra money to the government, but Thune and Scalise's legislation would add a donation box to IRS filing forms, making it easier for those so inclined to voluntarily donate more than they already owe in taxes to pay down the national debt. The bill is named in honor of billionaire Warren Buffett, who has long said he doesn't pay enough in taxes.
"President Obama has signed over $1.7 trillion in tax hikes into law since taking office, and now is proposing another $1.1 trillion in new taxes in his budget, including his Buffett Rule tax hike, which will stifle job creation and economic growth," said Thune. "President Obama continues to advocate for higher taxes on American families and small businesses, yet we just learned that his effective income 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. 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.'"