Summary

To amend the Internal Revenue Code of 1986 to provide for taxpayers making donations with their returns of income tax to the Federal Government to pay down the... Read More

Status

This bill was introduced on Oct 5, 2011, in a previous session of Congress, but was not passed.

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to provide for taxpayers making donations with their returns of income tax to the Federal Government to pay down the public debt.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Buffett Rule Act of 2011''.

SEC. 2. DONATION TO PAY DOWN NATIONAL DEBT.

(a) In General.--Subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part:

``PART IX--DONATIONS TO PAY DOWN NATIONAL DEBT

``Sec. 6097. Donation to pay down national debt.

``SEC. 6097. DONATION TO PAY DOWN NATIONAL DEBT.

``(a) General Rule.--Every taxpayer who makes a return of the tax imposed by subtitle A for any taxable year may donate an amount (not less than $1), in addition to any payment of tax for such taxable year, which shall be deposited in the general fund of the Treasury. ``(b) Manner and Time of Designation.--Any donation under subsection (a) for any taxable year-- ``(1) shall be made at the time of filing the return of the tax imposed by subtitle A for such taxable year and in such manner as the Secretary may by regulation prescribe, except that-- ``(A) the designation for such donation shall be either on the first page of the return or on the page bearing the taxpayer's signature, and ``(B) the designation shall be by a...

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Organizations Supporting

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. Read more: http://www.atr.org/atr-supports-buffett-rule-act-a6500#ixzz1aWkZ2vm6

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Bill Summary

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