Last night, on national television, Warren Buffett made the extraordinary announcement that he would like to pay more taxes. According to Mr. Buffett, he currently pays a 17.7% payroll and income tax and claims his situation proves that our tax system favors the rich. Unfortunately, the U.S. Chamber of Commerce had facts to counter that theory, showing that the top 1% of U.S. earners account for 39% of the tax revenue.
Now, this isn’t the first time we’ve heard wealthy entrepreneurs and celebrities volunteer for higher taxes. You may remember prominent celebrities making comments in the past advocating that those with means should be able to pay more taxes per year. Regrettably, as of yet, these altruistic individuals haven’t been able to back these grand intentions up.
Well, I have good news.
I will be introducing legislation whimsically titled the “Tax Me More” Act. This bill is very simple. It would allow anyone who wants to pay higher taxes to add the desired amount (no limits!) they would like to pay to their annual tax form. Under the “Tax Me More” Act, Warren Buffett and his friends will have the unique opportunity to pay as much tax as they want without forcing anyone else to continue to feed the beast.
I believe it is high time we allow those individuals that think higher taxes are the answer to America’s problems to put their money where their mouth is.