Republican plan would add deficit donation line to tax forms

“There would actually be a new line right on Warren Buffett’s tax returns enabling him or anybody else to give as much as they want,” said McConnell from the Senate floor.

The plan, included in a piece of legislation presented by McConnell, along with several other GOP senators on Wednesday, is a response to Democrats’ insistence that the wealthy ought not to mind paying a little more in taxes in order to help reduce the deficit. 

“Those who want to go that route can feel like they’re contributing in a way they want, and small-business owners who want to help our economic and fiscal situation by growing their businesses and creating jobs can do that too — without Washington dictating one way or the other,” he continued.

Senate Majority Leader Harry Reid (D-Nev.), in particular, has repeatedly quoted billionaire hedge-fund mogul Warren Buffett, who once famously commented that his secretary pays a higher tax rate than he does.