Time to call his bluff.
it would only pay off 1% of the debt that Obama has added since he became president.
When Obama first proposed the Buffett Rule last year, I made a post called Voluntary Tax Rates and Personalized Earmarks: How to Solve the Debate over Taxes as the true version of the Buffett Rule. Because, you see, Buffett originally didn’t call for a higher tax rate on the wealthy in general; instead he said that he himself wanted to pay more taxes. Sure, he was just using himself as a personal example, but I thought: Hey, he could be on to something here. Why don’t we all decide at what rate we individually pay taxes? That‘s the Buffett Rule: You want to pay more taxes? Fine — pay ‘em. And if you don’t want to pay more, or even want to pay less — well, we have an option for that too.
To that end, I produced a new version of the IRS’s 1040 form which featured (exactly as the post’s title implied) “voluntary tax rates and personalized earmarks.” But that was last August. Who, after all these months, remembered to use those new forms now that Tax Day has rolled around again?
So I have now updated the revised 1040 form for 2011 and am offering it for download today, April 15, for your convenience.
Obama wants a Buffett Rule? OK, fine — let’s call him on his bluff. Download this “Buffett Rule”-adapted 1040 form, and integrate it into the rest of your IRS forms. As I noted in my original post, this new 1040 form makes everybody happy, because not only can you (like Warren Buffett) pay whatever tax rate you prefer, but you can allocate those taxes to whichever part of government expenses you want...
I've trans-mogrified the new section for ease of reading:
You can download the full version of the 1040-B here.