The Buffett Rule Act

No, no one is going to Margaritaville. It's Warren Buffett's law that he felt he shouldn't pay less taxes than his secretary. Although he definitely pays many more actual dollars than his secretary, just a lower percentage rate.

So now, he can do it and the higher rate he pays will go to paying down the national debt. The House passed by voice vote (no dissenters) to allow any rich person who so desires to pay a higher rate of income taxes and what ever over the requirement one pays will go directly to pay down the debt.

"If Warren Buffett and others like him truly feel they're not paying enough in taxes, they can use the Buffett Rule Act to put their money where their mouth is and voluntarily send in more to pay down the national debt, rather than changing the entire tax code to inflict more job-killing tax hikes on hard-working Americans," said Rep. Steve Scalise, the Louisiana Republican who wrote the bill.

Read more: House passes new Buffett Rule - Washington Times http://www.washingtontimes.com/blog/inside-politics/2012/sep/19/house-passes-new-buffett-rule/#ixzz273o37mp5

Finally, something passed unanimously :) I wonder how many wealthy Americans will sling a leg over this pony and gallop to pay down the debt?