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Warren Buffett has a challenge for congressional Republicans.
Put your money where your mouth says the billionaire says he's willing to use some of his personal fortune the pay down the national debt.
But there's a cats and Liz MacDonald is here with the -- was so what is -- proposing.
So here's a deal he's proposing that he would pay down the deficit -- For every one dollar that the GOP ponies up also -- Mitch McConnell he's saying -- cover.
Three dollars that the deficit for every dollar you pony up -- this all spun out of the Warren Buffett's editor -- the New York Times this past summer we're suggested that.
Because it pays at the lower at 17%.
Effective federal rate.
That commitment peep that the millionaires should be taxed more the GOP responded its deficit spending that's the problem they come up with their own Buffett ruling -- another line item.
-- tax it turns he could donate money.
-- back into the iris on the tax returns.
And what was a response from the -- republic well you -- -- Mitch McConnell him.
-- comes office did come back to us take a look Charles this is really interesting what senator Mitch McConnell the GOP leader has said he's saying essentially that the EC should be smaller.
Rather than taxes getting bigger he also says -- if President Obama are -- -- on -- pay higher taxes.
Congress made it possible for them to send in.
A check -- also says I look forward to mr.
Matching a healthy batch of checks and those are actually want to pay higher taxes.
Including congressional Democrats the president and the Democratic National Committee.
And it should be noted that if the president let the bush tax cut expire in the upper bracket that's still the millionaire tax was still.
Not mean that mr.
Buffett would pay more in taxes because -- she'll -- income.
From taxes -- capital gains -- or the end of taking a lower 100000 dollar salary so he pays that are lower federal payroll taxes and also chart.
We'll deduction and I tested did that thing is if you want to ride it checked you write the check wives and that's you know why these stipulations and I think the biggest problem -- -- with respect to the disingenuous nature of it.
He's living his entire fortune to Bill Gates not the US government second re distribute the money to all the poor people out there he'd have to trust the government what its money.
His entire sports and -- to go to Bill Gates and yeah point.
Every single year he can cut a check.
He could cut it -- silly -- does that we would gladly be there with -- with a camera when he does so but you know what -- to your point about the bill gates foundation.
I he is stipulated in the by laws that then his donation must not be subject.
Any get through charitable you know -- rather -- -- federal taxes so even there he is and it's stipulating that look.
I need to shelter and I think I -- from taxation that is something in his initial editorial even note that the top 1% solar 30% of the federal income tax pie in terms of revenues.
And also they had -- that smaller businesses would get slapped with higher taxes on the upper right.
About to roll thing I mean this whole thing that hypocrisy is amazing but it's an incredible -- thanks a lot less sure.
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