Buffett Rule Gets Republican Makeover

Buffett Rule Gets Republican Makeover

The Republican-controlled House of Representatives passed a bill allowing those worried about the national debt to donate money to the federal government, CBS News reports.  Called the Buffett Rule Act after President Obama’s favorite billionaire, the legislation was approved on Wednesday and is off to the Senate.

The original Buffett Rule bill was backed by President Obama and would have required those in the top income brackets to pay a 30% income tax.

“The Buffett Rule Act is a common sense alternative to President Obama’s divisive class warfare calls for higher taxes, and it allows Warren Buffett and others like him to voluntarily donate more of their money to pay down our national debt if that is what they’re really interested in doing.”

It is claimed that this new “Buffett Rule” will decrease the national debt by $135 million over the next ten years.  For more, read the article at CBS News.


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