A GOP Congressman has taken up billionaire Warren Buffett’s
offer last week to match contributions to the federal deficit with his own money.
“I appreciate and gladly accept your generous offer to match contributions that Republican members of Congress make to pay down the federal debt,” says Rep. Scott Rigell, (R-Va.), in a Jan. 13th letter to Buffett, which his office forwarded to FOX Business. “I voluntarily contribute 15% of my Congressional salary to pay down the debt” adding, “my contribution in 2012 will be approximately $26,100.”
President
Barack Obama then used the Buffett anecdote to back his effort to rewrite the tax code, as he has championed the “Buffett Rule” to raise taxes on the rich, which could hit
[color=blue !important][font=arial, sans-serif][color=blue !important][font=arial, sans-serif]filers[/font][/font][/color][/color] who make $200,000 a year.
Furthermore, the
White House is in favor of increasing income taxes on the wealthy that Buffett himself does not pay because Buffett has structured his tax bill to pay at around the same lower rate as the $50,000-$75,000 crowd pays, an average 15%.
In other words, the President’s "Buffett Rule" would not tax the vast majority of Buffett’s own sheltered income, including either his unrealized capital gains, which are currently taxed at 0%, or
[color=blue !important][font=arial, sans-serif][color=blue !important][font=arial, sans-serif]charitable[/font][/font][/color][/color] contributions, which are tax deductible.