Norquist to Clinton: Buffett Rule Yourself First
Today Hillary Clinton called for a “Buffett Rule” tax increase on the American people. Though taking various forms, a “Buffett Rule” generally requires that taxpayers with bigger incomes face a higher tax rate than others. According to several methods of calculation, they already do.
But Hillary Clinton doesn’t have to wait for a Buffett Rule of her design to pass Congress. She can make a voluntary payment to the United States Treasury right now.
“Anyone who would like to voluntarily pay more in taxes can do so,” said Grover Norquist, president of Americans for Tax Reform. “Hillary’s demand that others pay additional taxes when she has refused to do so for years is the height of hypocrisy.”
Any American may make a donation today simply by writing a check to the Treasury, to a fund called Gifts to the United States:
How do I make a contribution to the U.S. government?
Citizens who wish to make a general donation to the U.S. government may send contributions to a specific account called "Gifts to the United States." This account was established in 1843 to accept gifts, such as bequests, from individuals wishing to express their patriotism to the United States. Money deposited into this account is for general use by the federal government and can be available for budget needs. These contributions are considered an unconditional gift to the government. Financial gifts can be made by check or money order payable to the United States Treasury and mailed to the address below.
Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782
Taxpayers look forward to the news of your contribution, Mrs. Clinton.
Warren Buffett and Berkshire Hathaway Investors Will Voluntarily Pay "Buffett Rule" Tax
Berkshire Hathaway Chairman and CEO Warren Buffett today announced he had written a donation check to the U.S. Treasury in order to personally comply with “The Buffett Rule.” In addition, all investors in Berkshire Hathaway will have 30 percent of their capital gains and dividends withheld by the company and sent directly to Washington.
Championed by President Barack Obama and congressional Democrats, the Buffett Rule is a proposed 30 percent tax on all income over $1 million.
The Oracle of Omaha will personally unveil a three-foot by six-foot donation check at an afternoon press conference on the Treasury steps. According to a statement released in advance of the event, Buffett said, “As I wrote in the New York Times, ‘My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.’ Today, I, Warren Buffett, am personally getting serious about shared sacrifice.”
The White House praised Buffett’s action. “Let me be clear,” said President Obama. “This puts to rest any GOP-driven allegations that Warren Buffett was a hypocrite on the tax issue or was just engaging in a bit of moral preening.”
Because the federal tax code is already steeply progressive, the Buffett Rule, if enacted, would raise just $31 billion in tax revenue over the next decade, according to the Joint Tax Committee. To put that in context, that is less than one-tenth of one percent of federal spending over the next ten years.
Click here for a printable PDF and a photo from the press conference.