Sen Mitch McConnell (D-KY) on Obama's "Buffet Tax Plan": If Buffett Feels Guilty About His Taxes ‘He Should Send In A Check’

Indeed there is a provision in the tax code for any taxpayer to send in any amount they want to the treasury earmarked for debt reduction. If these rich liberals are upset that their taxes are too low, they can increase it on themselves literally with the stroke of their own pen. Like right now. Instead they do no such thing and are content trying to tax everyone else. And as if on cue, Obama will propose taxing productive people to fund the unproductive. Mitch McConnell had a few choice words for limousine liberals like Buffet:

From the WaPo via memeorandum: Obama to call for new minimum tax rate for millionaires

Republicans Sunday criticized President Obama’s plan to call for a new minimum tax rate on millionaires as “class warfare” that would do little to create new jobs and instead would hurt the small businesses that drive the economy.

“Class warfare. . .may make for good politics, but it makes a rotten economics,” Rep. Paul Ryan (R-Wisc.), chairman of the House budget committee, said on “Fox News Sunday.” “We don’t need a system that seeks to divide people. . .We need a system that creates jobs and innovation.”

Obama plans to call Monday for a new minimum tax rate on millionaires as part of a comprehensive rewrite of the U.S. tax code...

We already have a minimum tax on the rich. It's called the Alternative Minimum Tax (AMT), and was passed in the 60's to tax the 200 richest people in the nation. But because it's not indexed for inflation, everyone in the middle class feels it's shadow in April. Rest assured that any changes Obama proposes will eventually hit everyone. More from Don Surber. Related: Video: Solution for Warren Buffett and Matt Damon’s Concern About Low Taxes

UPDATE: Via Carpe Diem: The "Buffett Rule" Is Based On Flawed, Anecdotal Evidence; National Data Show That "Super-Rich" Pay Avg. Tax Rates 2-3X Higher Than a Secretary. I knew that!

Bottom Line: We now have a proposal for a tax policy - the "Buffett Rule" - based on Warren Buffett's anecdotal "evidence" of his and his employees' tax burdens.  But that "evidence" seems pretty far-fetched and not consistent with: a) average federal income tax rates available from the IRS, nor b) average tax rates for all federal taxes paid, from the CBO.  Buffett's anecdote has to be an outlier or exception, because under the current federal tax system, the average "super-rich" taxpayer pays taxes at a rate 2-3 times the average secretary.  Instead of raising tax rates, we should probably figure out what kind of loopholes allow Warren Buffet to pay taxes of only 17.4% on his $40 million income last year.