Time for Patriotic (Liberal) Millionaires to belly up to the buffet
You do realize that there actualy are some Patriotic Millionaires, don’t you?
Guys like Warren Buffet and others who insist that people pay higher taxes, but don’t take the chance to pay voluntarily.
Like this guy, who turned out to be a plant by a group called the Patriotic Millionaires for Fiscal Strength, begging Obama to raise his taxes:
Now is their chance to belly up to the Buffet(t):
The House on Wednesday 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, which would still need Senate approval, taxpayers could 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,” said Rep. Steve Scalise, the Louisiana Republican who wrote the bill.
I don’t think there will be any trouble getting seating at that restaurant.
Donations tax deductible
to the full extent allowed by law.
I wonder if the legislation included a mandate to report how much money the “patriotic Millionaires” have sent in addition to taxes owed. We could compare it to a list of Obama doners and I doubt there would be a single match.
This one is soooooooo easy to predict. All I have to do is look to the looney Bay State (where I live which, hard to believe today, was one of the original 13!). Massachusetts is the bluest of the blues.
On the Mass. resident tax form (called “Form 1” because the state demands that it gets your first fruits), on line 22, [go here to get a pdf of the form],
There, on line 22, “If choosing the optional [meaning the voluntarily higher] 5.85% tax rate, multiply line 21 and the amount in Schedule D, line 21 by ,0585 [as opposed to multiplying by the statutory tax rate of .053]. See instructions; fill in [this] oval,”
Go on, ask the MA DOR (Dept of Revenue) how many of the huuuuuuuuge majority of Democrat voters/taxpayers paid at this higher rate. Go on, ask them. I dare you.
Even Granny Warren, after much hemming and hawing, admitted that she, despite her 14 million dollar net worth (yes, she’s in the SUPER 1% elite), did NOT choose (though she tells us she’s proud to be “pro-choice”), she did NOT choose to pay at the higher rate,
Warren, like any true blue-minded, force-by-government-is-always-the-way-to-go liberal, prefers to force everyone to pay higher taxes. Charity? That’s for the little people; or for the Christians and Jews anyways.
As Fat Boy Ted Kennedy made famous, “Ted’s more than happy to give to the shiftless, the useless, the unproductive, the shirt of your back.”
I really doubt there would ever be a list of who gave what, made public.
However, they could make public the total, of all who pay extra. I’d bet the total amount would be (not)surprisingly small.
If John Kerry hid his yacht in another state to avoid paying the taxes on it; if Johnny Depp fled France to avoid paying more taxes, then we can expect a lot of entertainment as the Commie hypocrites don’t seize the opportunity to pay “their fair share.”
On another note, I hate that expression “fair share.” When you pay your taxes according to law, that’s your “fair share” of what is seized.
1. IMO those “patriotic” millionaires expect to make a profit on those additional taxes. In other words, they expect to receive more in special-interest legislation and other government favors than they pay.
2. All else being equal, a graduated income tax maximizes government revenue when income is concentrated in the top bracket. I’m sure that doesn’t escape the attention of the redistributors in Washington, and I’m sure they’re careful to never mention it.
3. Since the redistributors in Washington don’t like to draw a distinction between being pro-big-business and pro-free-market, I strongly suspect that some of the economic elite’s wealth was not won fairly on a level playing field. Yet the primary policy, almost to the exclusion of others, proposed for reducing an over-concentration of wealth is to raise taxes.
Odd, isn’t it?
The Treasury already accepts donations offered through the IRS. They averaged $150,000 per year before Obama, haven’t seen how much he’s brought in.
I don’t blame anyone for paying the legal minimum, even if they think taxes are too low. BUT when people like Buffett and Soros and Warren and others say publicly it is IMMORAL for them to pay the low taxes they do, they either should pony up their “just” amount or admit they are immoral by their own standards.
OR just shut the Fluke up.
Hmmm, I see Harry Reid nodding in disapproval. This will never see the light of day in the current make up of the Senate.
OTOH, would it be a stretch just in case he did present for approval and if it were approved, would the anointed one sign it into law?
I see another sleepless night ahead…
They’ve devised all sorts of laws to “pick our pockets.” Seriously, though. A law is needed for people who may want to voluntarily contribute to the “public purse”? Why is a law necessary? Can’t a decision be made without one? Dumb old me.
2013 1040 Personal Income Tax Form:
Line 6 Filing Status…Check box if old fool……
I’ve always preferred the Rangel Rule. The check box that says “I’ll pay mine when Charlie pays his.”