House bill allows taxpayers to donate to Treasury

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Associated Press

Posted on September 19, 2012 at 4:31 PM

Updated Wednesday, Sep 19 at 7:02 PM

WASHINGTON (AP) — Feel your taxes are too low? House Republicans are offering a new convenient way to donate more to the government in order to bring down the national debt.

And in a dig at President Barack Obama and his favorite billionaire, they have named the bill the Buffett Rule Act after investor Warren Buffett, who has said that he and other wealthy people don't pay enough in taxes.

The legislation, approved in the House and heading for an uncertain fate in the Senate, creates a check box on tax forms allowing taxpayers to make donations above their normal tax liability for debt reduction.

The original Obama-backed Buffett Rule bill, which failed in the Senate last April, required top earners to pay at least 30 percent of their income in taxes.

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