Why Don't They Just Send a Check to The Treasury?

Tuesday, April 6, 2010 4:43 PM

Today's PM issue of CongressDaily (subscription only) reports that a group of wealthy individuals that have joined a coalition called "United for a Fair Economy's Responsible Wealth" project has called on Congress today to go further than what the President has proposed and increase taxes for those earning less than $200,000 and apply a steaper death tax to rich families' heirs:

Lapham's group said the tax cuts enacted in 2001 and 2003 under former President George W. Bush, set to lapse Jan. 1, should be allowed to expire for the top 5 percent of income earners. That would apply the looming tax increases to a broader group than the roughly 2 percent Obama is targeting -- individuals earning more than $200,000 and households with more than $250,000 in annual income.

(...)

Finally, Lapham said, Congress should go further than Obama and most Democrats by imposing a graduated estate tax that hits the largest inheritances the hardest. Obama would reinstate and make permanent the 2009 rate of 45 percent, with an exemption for up to $3.5 million per spouse.

Rather than insinuating that because they feel they're not paying enough in taxes, everyone making more than $160,000 should pay up, why don't these wealthy individuals  pony up and send a generous check to the Treasury Department?  They can do that - the Treasury accepts  donations via the "Gifts to Reduce the Public Debt" fund. In the meantime, we'll continue to advocate spending reform rather than higher taxes.

But speaking of tax me more funds - Washington State legislation has just been introduced that would essentially create such a "Tax Me More Fund"  allowing for voluntary contributions to the state Treasury from those who feel they're not taxed enough. The "Taxpayer Choice Act," as the bill is called, is sponsored by Sen. Don Benton.

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