For weeks the president and Warren Buffett have been lamenting what they say is the terrible disparity and unfairness of taxation in America. According to President Obama and his BFF Warren Buffett, millionaires and billionaires simply aren't paying their fair share of taxes.
The example frequently tendered has come to be known as the "Buffett Rule." According to Warren Buffett and the president, Warren Buffett pays less in taxes than his secretary, which is unfair. Now the Republicans have tendered their own "Buffet Plan" to address the guilt and remorse felt by those like Mr. Buffett.
President Obama’s proposed “Buffett Rule”-- which would force the wealthiest Americans to pay higher taxes to help cut the nation’s deficits -- has met its Republican match. Republican lawmakers have introduced their own “Buffett Rule” that would allow billionaire investors like Warren Buffett who say they’re not paying enough taxes to voluntarily give more money to the federal government. Under the legislation, authored by Sen. John Thune of South Dakota and Rep. John Scalise of Louisiana, taxpayers can donate at least a $1 to the Treasury fund for deficit reduction when they file their federal income tax returns starting next year. “If individuals like Warren Buffett or President Obama are inclined to donate their own personal money toward paying down the federal government’s debt, they ought to have that right to do so voluntarily,” Thune said. “This bill would make it easier for those wealthy individuals who feel they are currently under-taxed to pay more to the U.S. Treasury above and beyond their current obligations, without raising taxes on America’s job creators.”
Simple as that, the GOP bill proposes to alleviate the disparity of liberal guilt and allow those like Mr. Buffett to ease their conscious by paying their fair share of taxes. If passed and signed by the president, Mr. Buffett and others will be able to simply stroke a guilt check to the government every year and fill in the blank as it concerns the pain relief they are seeking for their tormented souls.
I call it the GOP "buffet plan." It is kinda like walking the counter at your favorite buffet. If you are a millionaire or a billionaire under this proposed plan, all you have to do is walk the steam table of remorse and guilt and plate as much monetary apology as you feel comfortable with.
Therefore, with the passage of the proposed bill, all would seem right with the world, except for one minor point. I wonder what Mr. Buffett will do about his already outstanding delinquent tax bill of over one billion dollars. Warren Buffett has already spent millions in accounting and legal fees, trying to keep from paying his taxes on his Berkshire Hatthaway profits to date. So I wonder. Will old Warren belly up to the table and pay his fair share like a good party member? And then kick in a goodly amount more just to be sure that the ledger books of egalitarian fairness are assuaged?
Or will he continue to beat the egalitarian drum for Barack Obama's socialist change, via class warfare and increased taxes, while all the while writhing and twisting like a serpent ensnared by his own legitimate taxes. Taxes that he continues to attempt to avoid paying, while at the same time decrying the unfairness of the same tax structure that he knowingly violates and regularly exploits.
I can't help but believe that President Obama will immediately see the benefit of this legislation and sign it into law as soon as it comes to his desk. Then I'll bet he'll pick up the phone and call Warren Buffet to let him know that pain relief is on the way.