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article imageWarren Buffet will match GOP's donations to reduce nation's debt

By Nancy Houser     Jan 12, 2012 in Politics
Omaha - Because Nebraska's Warren Buffet was criticized by Republicans last year when he suggested that Congress raise taxes on the mega-rich, Buffet announced he is willing to match contributions paid by Congress Republicans to help reduce the national debt.
Buffet says the way to give heart in the United States is to change the tax policy to ensure that people who earn their money from investments rather than by working for a paycheck contribute their fair share.
He stated, “We need a tax system that takes very good care of people who just really aren’t as well adapted to the market system and to capitalism but are nevertheless just as good citizens and are doing things that are of use in society.”
In the Denver Post, it was stated that Senate GOP Leader Mitch McConnell and a few other Republicans had suggested that "Buffett just donate money to help the nation balance its books instead of asking [the mega-rich] to pay higher taxes."
"It restores my faith in human nature to think that there are people who have been around Washington all this time and are not yet so cynical as to think that (the deficit) can't be solved by voluntary contributions," Buffett said to the Denver magazine.
With tongue in cheek and a chuckle, Warren Buffet is not too confident any of the Republicans will take him up on the offer, even when he offered to triple what McConnell would donate. McConnell's worth is approximately $10 million and Warren Buffet's net worth is about $47 billion. Don Stewart, Mitch McConnell's spokesman, said that Congress allowed people to check a box on their tax form and send in a check, but doubted McConnell would contribute.
In a "put up or shut up" move by Warren Buffet to the Republicans, the whole thing began in response to Buffett's August 2011 New York Times op-ed. In the Times Swampland, it stated that Buffet made fun of the unbalanced tax system in the United States.
The "Buffet Rule Act" was introduced by Senator John Thune, as an option on U.S. tax forms allowing the rich to donate more in taxes to help pay down the national debt.
It was, as Buffett told the TIME cover story, “a tax policy only a Republican could come up with.”
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