House passes new Buffett Rule - Polidicks

[quote]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. President Obama and Democrats had proposed a Buffett Rule tax, based on billionaire investor Warren Buffett's statement that he shouldn't pay a lower rate on his income than his secretary. Investments are taxed at a lower rate than salary or wage income under the theory that they are spurring economic growth, so wealthy investors usually pay less as a percentage, though they end up paying far more in real dollar terms. Democrats said there should be a minimum tax for the wealthy, which would mean investors would pay more. They proposed a 30 percent tax on those with incomes higher than $1 million a year. Republicans, though, objected to rewriting the tax code on Mr. Buffett's say-so, and said he is free to pay more if he wants. Current law already allows taxpayers to send money to pay down the debt, but Republicans said that process is onerous. Under their new plan, taxpayers would have an easy option on their tax returns allowing them to pay more. Under Republicans' legislation, the money would go directly toward reducing the debt. Democrats didn't object to the bill, but said it did a disservice to the real Buffett Rule tax. "There's nothing wrong with this bill except the label," said Rep. Sander Levin, Michigan Democrat. [/quote] Source: [url]http://www.washingtontimes.com/blog/inside-politics/2012/sep/19/house-passes-new-buffett-rule/[/url]

This "job-creator" illusion is getting oooooooooooooooold. p. cool that this is an option though.

i came in expecting restrictions on heaping plates of jello and baked ham at the white house cafeteria dang

[quote] "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. [/quote] Awesome.

Sad to say that I only expect people like Buffett will actually make use of this.

How strict is the legislation when it actually says it will go directly towards paying off the debt?

Will it still be all-you-can-eat?

[quote]allows wealthy Americans to [B]voluntarily[/B] pony up to reduce the deficit.[/quote] oh fuck you, republicans

So it's not the buffet rule. It's the buffet suggestion.

If someone is willing to just give the government money like this, then why the hell not?

[QUOTE=Splash Attack;37731055]If someone is willing to just give the government money like this, then why the hell not?[/QUOTE] Can I choose to pay my fair share? why is it optional for the rich but not for me?

[QUOTE=Splash Attack;37731055]If someone is willing to just give the government money like this, then why the hell not?[/QUOTE] Because it's not practical and waters down a measure that already would not have fixed the problem (but would have certainly helped) of lacking revenue.

[QUOTE=prooboo;37731061]Can I choose to pay my fair share? why is it optional for the rich but not for me?[/QUOTE] I don't see what you're getting at here. I don't recall anything saying how people with lower income couldn't check this box.

[QUOTE=prooboo;37731061]Can I choose to pay my fair share? why is it optional for the rich but not for me?[/QUOTE] Because they already pay their taxes dumbass

[QUOTE=prooboo;37731031]oh fuck you, republicans[/QUOTE] [QUOTE=prooboo;37731061]Can I choose to pay my fair share? why is it optional for the rich but not for me?[/QUOTE] It's not that they can choose to pay nothing or something. They choose to pay [B]MORE[/B] in their taxes. [B]A bonus to what they already owe.[/B] And, this is an excellent way to see which rich actually support Buffett and who are just blowing hot air to appease the masses.

[QUOTE=Megafan;37731083]Because it's not practical and waters down a measure that already would not have fixed the problem (but would have certainly helped) of lacking revenue.[/QUOTE] Well, at least is is one step towards solving it, instead of doing absolutely nothing at all.

[QUOTE=Emperor Scorpious II;37731107]this is an excellent way to see which rich actually support Buffett and who are just blowing hot air to appease the masses.[/QUOTE] Weeding out hypocrisy of rich people is the least of my worries; they're all hypocrites as far as I'm concerned. I don't give a shit if they're liars or not. What I want is some legislation actually MAKING them pay their taxes and legislation preventing them from NOT paying their taxes like so many of them do. This bill helps absolutely nothing at all.

[QUOTE=prooboo;37731143]Weeding out hypocrisy of rich people is the least of my worries; they're all hypocrites as far as I'm concerned. I don't give a shit if they're liars or not. What I want is some legislation actually MAKING them pay their taxes and legislation preventing them from NOT paying their taxes like so many of them do. This bill helps absolutely nothing at all.[/QUOTE] This is a good step toward it. And it's [I]always[/I] a good thing to know who is more honest than others.

[QUOTE=prooboo;37731143]Weeding out hypocrisy of rich people is the least of my worries; they're all hypocrites as far as I'm concerned. I don't give a shit if they're liars or not. What I want is some legislation actually MAKING them pay their taxes and legislation preventing them from NOT paying their taxes like so many of them do. This bill helps absolutely nothing at all.[/QUOTE] I agree. The loopholes they exploit need to be closed. As it is people making that kind of dosh are easily able to slip around the tax code and avoid paying their fair share.

oh my god if they limit how many shrimp I can stack on my plate im gonna kill obama

This needs to pass.

[QUOTE=CottonTM;37731286]oh my god if they limit how many shrimp I can stack on my plate im gonna kill obama[/QUOTE] I was okay with the "[i]new plate every-time you go up[/i]" law, but that would be too far.

[QUOTE=Emperor Scorpious II;37731107]It's not that they can choose to pay nothing or something. They choose to pay [B]MORE[/B] in their taxes. [B]A bonus to what they already owe.[/B] And, this is an excellent way to see which rich actually support Buffett and who are just blowing hot air to appease the masses.[/QUOTE] Paying extra money to the government is no different that dumping it in a hole and setting it on fire if you're the only one doing it.

[QUOTE=Emperor Scorpious II;37731213]This is a good step toward it. And it's [I]always[/I] a good thing to know who is more honest than others.[/QUOTE] No, this is making it harder. Now, whenever the buffett rule comes up on the floor, republicans will say "But those who want to pay more taxes already are, why do we need a new rule if we've already got something better? demcorats are obviously bureaucrats who are trying to initiate class warfare by forcing job-creators to pay ungodly amounts of taxes" It will go [I]exactly[/I] like that

[QUOTE=prooboo;37731465]Now, whenever the buffett rule comes up on the floor, republicans will say "But those who want to pay more taxes already are, why do we need a new rule if we've already got something better? demcorats are obviously bureaucrats who are trying to initiate class warfare by forcing job-creators to pay ungodly amounts of taxes" It will go [I]exactly[/I] like that[/QUOTE] Uh, did you even read the article?

[QUOTE=prooboo;37731465]No, this is making it harder. Now, whenever the buffett rule comes up on the floor, republicans will say "But those who want to pay more taxes already are, why do we need a new rule if we've already got something better? demcorats are obviously bureaucrats who are trying to initiate class warfare by forcing job-creators to pay ungodly amounts of taxes" It will go [I]exactly[/I] like that[/QUOTE] And they'll reply, "Well I paid extra, how about you?" right in front of the American people.

This is pretty stupid. Whatever, the Bush tax cuts are hopefully going to expire.

Holy shit the Republicans actually did something beneficial to the country. It's not enough to fix the tax problem but it's the most progress they've ever come up with.

[QUOTE=PvtCupcakes;37731643]This is pretty stupid. Whatever, the Bush tax cuts are hopefully going to expire.[/QUOTE] They did. Then they were extended. Gobama.

I think these theoretical rich people saying they think the rich should be taxed, when they really don't, only exist in the minds of Republicans wanting to write them off as hypocrites so they don't have to pay more taxes.