Saturday, April 26, 2008

An Elegant Solution For Those Wanting Higher Tax Rates

A liberal is a person whose interests aren't at stake, at the moment. ~ Willis Player

Republican John Campbell has introduced the "Put Your Money Where Your Mouth Is Act" that would amend the tax code to allow for "contributions" above one's normal tax liability. In the future, Warren Buffett won't have to wait for his proposed higher tax rates, to pay more taxes. He can voluntarily do it.

For perspective, the Treasury already accepts voluntary donations to reduce the national debt. and $2.6 million was received last year. Perhaps, if wealthy liberals voluntarily increase their donations, tax rates won't need to be increased :-)

For more on Reflections and Musings, check back every Saturday for a new segment.

This is not financial or tax advice. Please consult a professional advisor.

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