Diary

GOP should introduce 'Warren Buffett regulation' in tax package

Republicans should introduce the ‘Warren Buffett  Tax Me Regulation’ as part of the tax package being negotiated with Democrats.

Republicans want to leave tax rates as they are while progressive Democrats want to enable a tax hike on incomes progs deem ‘rich.’

The rich have been variously described at levels beginning at either $200,000 or $1,000,000 (single filers) depending on who’s doing the talking.

Conservatives in general believe tax rates should be left alone for a number of reasons. First, Heritage Backgrounder No. 928 shows when a tax increase is enabled, Congress spends more. Progs have set records in Congress for spending since taking control of Congress in 2006, and it is statistically likely the ideology will not change.

Another reason is that American wealth does not belong to the government or to progs who love the concept of taxing “richie.” The prog approach is endorsed by most government-friendly media—almost every headline about the tax issue suggests Democrats want to give the “middle class” a tax break and levy more taxes on “richie.”

Richie icon Warren Buffett has been outspoken in calling for a tax increase—apparently he has a certain amount of guilt over the wealth he has accumulated. Other fellow zillionaires have joined him in calling for tax increases that would also impact any number of small businesses. Incidentally, political fact often overrides common sense where progs are concerned.

The solution to the dilemma rests in introducing a ‘Warren Buffett’ regulation. The regulation can be named to honor one of the wealthiest tax fans in the world.

Rather than rewrite any tax code, the regulation could be designed as a stand-alone form. The form could be used for zillionaires and any other tax increase fans (regardless of income) to donate money to the federal government for any purpose Congress or the president deems aligned with progressive spending.

The contribution would not be tax deductible because according to Vice-President Joe Biden, paying taxes is patriotic (Rep. Charlie Rangel and others aside).

The simply worded stand-alone regulation could simply be filed with the taxpayer’s income tax forms and payment could be accepted by existing procedures.

Sen. Chuck Schumer, Rep. Nancy Pelosi and Sen. Harry Reid should be first in line to contribute funds—they’re big pushers in the tax increase movement and they have contributed to historically record levels of spending.

Introducing the regulation into whatever package is agreed upon is a simple way of seeing exactly which progressives are willing to put their own money where they’d like to put others’ money.

Meanwhile Mr. Buffett can man up and be first to contribute some of the wealth that apparently troubles his conscience.

 [First publication at The US Report.]