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House Republicans Introduce Own 'Buffett Rule'

By Newsmax Wires   |   Thursday, 06 Oct 2011 04:09 PM

Republicans have an answer to President Barack Obama’s “Buffett Rule” that would mandate a tax increase for wealthy Americans. Nine House Republicans, led by Louisiana Rep. Steve Scalise, introduced their own “Buffett Rule Act” Wednesday that would make it easier for rich taxpayers to give as much of their wealth to Uncle Sam as they want, The Hill reports.

The bill would have the IRS put a new line on individual tax forms to allow wealthy taxpayers to pony up more than they owe so that they can help reduce the government’s debt burden.

Warren Buffett is the billionaire, iconic investor who encouraged Obama to raise taxes on the wealthy.

"If Warren Buffet truly feels that he's not paying enough in taxes, he doesn't need a change in law to put his money where his mouth is, he can send his check for a larger amount to the Treasury today," Scalise said.

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