Since Warren Buffett is convinced he and other wealthy Americans don’t pay enough in taxes, I suggest he stop talking and actually do something. There’s no need for a “tax-the-rich” rate hike. Anyone can, at any time, write a check to the U.S. Treasury. Since Mr. Buffett continues to talk about the need for government to raise rates on those at his income level, I can only presume he’s not committed enough to his call for higher taxes unless he’s compelled to pay more by law. I recently wrote about how easy it is for those who don’t think they’re taxed enough to turn over as much of their money as they want.
The idea of a voluntary fund isn’t new. The federal government has accepted donations for more than 160 years, calling them “Gifts to the United States.” The Treasury Department website says the fund was created to accommodate “individuals wishing to express their patriotism” for the country. Fiscal year 2008 was a banner year for the feds. Gifts totaled $3,735,934.74, according to Tom Longnecker of the Treasury Department. In fiscal year 2010, the number dropped to $698,708.40. From fiscal year 2006 through fiscal year 2010, the account took in more than $9 million.
I have great respect for entrepreneurs like Mr. Buffett. They contribute to our economy in many ways. Paying taxes is just one of those ways. But if Mr. Buffett is so convinced he’s not giving enough in that forum, the “problem” can be easily solved without government intervention.
