H.R. 3099: Buffett Rule Act of 2011, as amended

H.R. 3099

Buffett Rule Act of 2011, as amended

Date
September 19, 2012 (112th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

On Wednesday, September 19, 2012, the House is scheduled to consider H.R. 3099, the Buffett Rule Act of 2011, as amended, under a suspension of the rules requiring a two-thirds majority vote for approval.  The bill was introduced on October 5, 2011, by Rep. Steve Scalise (R-LA) and referred to the Committees on Ways and Means. 

 

Bill Summary

H.R. 3099 would amend the Internal Revenue Code to allow taxpayers to donate an amount (not less than $1), in addition to any tax owed, which shall be deposited in the general fund of the Treasury and transferred to an account used to reduce the public debt. 

The bill would require such donation to be designated on a taxpayer's income tax return at the time such return is filed.

Background

The bill is named after the president’s proposal to raise taxes on hardworking Americans, which would only further complicate our tax structure and do nothing to reduce our rising deficits.  In fact, according to the Joint Committee on Taxation (JCT), the “Buffett Rule” tax increase would raise tax revenue by $47 billion over ten years, or 0.1% of what the government will spend over the next decade.  The bill would allow those who want to pay more taxes to do so each year when they file their respective tax returns.

Cost

There is no Congressional Budget Office (CBO) or Joint Committee on Taxation (JCT) cost estimate available for this legislation.