Americans for Tax Reform sent the following letter today to Congressman Steve Scalise (R-La.):
On behalf of Americans for Tax Reform, I am pleased to support your new legislation, the “Buffett Rule Act of 2011.” This bill would instruct the IRS to provide a prominent, convenient checkbox line on 1040 forms to allow those so inclined to pay extra income tax.
Famously, Warren Buffett complained that his average effective tax rate was too low compared to his secretary. This is probably not true given the fact that Mr. Buffett has failed to release his own tax return for verification, and considering the average effective tax rate of his secretary is quite low based on her purported income. Nonetheless, Mr. Buffett should be able to voluntarily pay extra income taxes if he feels the need to—without imposing broad, job-killing tax hikes on our nation’s small employers.
These “tax me more” lines have been particularly-effective in flushing out the serious from the posturing on the state level. States that have a “tax me more” line repeatedly report almost no additional voluntary contributions to state tax coffers. This is despite the fact that there is no shortage of people who have already earned (or inherited) their wealth who want to see taxes raised on those still pursuing the American dream. In short, the limousine liberal set doesn’t put their money where their mouth is.
Taxpayers are calling Mr. Buffett’s bluff with this legislation. It’s his move.
What do you think? If Warren Buffett doesn't think he pays enough in taxes, shouldn't he be sending extra money to the IRS?