WASHINGTON -- The House on Wednesday afternoon passed by voice vote the Republican version of the Buffett Rule.
The bill, which probably won't be picked up by the Senate until after the November elections, would allow Americans to check a box on their tax forms and voluntarily donate money, in addition to their normal tax liabilities, to pay down the national debt.
The original Buffett Rule, supported by President Obama, failed in the Senate in April. That bill would have required those making $1 million or more annually to pay at least 30% in taxes. It was named after billionaire Warren Buffett, who famously complained that his secretary paid a higher tax rate than he did.
Democrats were angered by what Rep. Sander M. Levin (D-Mich.) called “legislative mislabeling."
“There’s nothing wrong with this bill except the label,” Levin said. “This bill has nothing, zero, to do with the Buffett Rule”.