LIVE VIDEO: NewsChannel 5 at Ten    Watch

House Republicans 'Buffett Rule' allows you to donate unwanted money to Treasury

3:22 PM, Sep 19, 2012   |    comments
Warren Buffett. (Photo by David Silverman/Getty Images)
  • Share
  • Print
  • - A A A +

By JIM ABRAMS, Associated Press

WASHINGTON (AP) - Feel your taxes are too low? House Republicans are offering a new convenient way to donate more to the government in order to bring down the national debt.

And in a dig at President Barack Obama and his favorite billionaire, they have named the bill the Buffett Rule Act after investor Warren Buffett, who has said that he and other wealthy people don't pay enough in taxes.

The legislation, approved in the House and heading for an uncertain fate in the Senate, creates a check box on tax forms allowing taxpayers to make donations above their normal tax liability for debt reduction.

The original Obama-backed Buffett Rule bill, which failed in the Senate last April, required top earners to pay at least 30 percent of their income in taxes.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

Most Watched Videos