Rep. Huelskamp calls for Warren Buffett to release tax returns

October 13, 2011|By Rebecca White | KWCH 12 Eyewitness News

(WASHINGTON) — Republican Kansas Congressman, Tim Huelskamp (KS-01), challenged billionaire investor Warren Buffett to release his full tax return last month. Buffett has said he earned $62 million in 2010 but was only required to pay taxes on 17.4% of his income – a number that Buffett believes is far too low.

Buffett wrote an opinion article for the New York Times in August saying the government needs to stop “coddling” the super-rich and argues the very wealthy can often find loopholes and special investments that keep them from paying regular tax rates on portions of their income.

The billionaire says federal law allows him to pay a lower tax rate than his secretary. But the Wall Street Journal editorial board and some conservatives have questioned Buffet’s claim.

Huelskamp says he doesn’t believe every private citizen should be required to release their tax information when they become involved in the public political process but says, “when you have one man who would like a new tax law named after him, and the President has suggested that, the ‘Buffett rule’, I think it’s only fair that we examine the basis for that claim.”

President Obama recently introduced a proposal, which has become known as the “Buffett rule”, that would ensure that taxpayers who make more than $1 million each year are taxed at the same rate as most middle class Americans.

Huelskamp says the problem is not a taxing problem but that Washington has a spending problem. “The President is trying to avoid is the issue of spending,” said Huelskamp. “That’s the direction we’re trying to take that discussion.”

Huelskamp has called on Buffett to release his tax returns. The Congressman says he will release his tax returns when Buffett releases his full tax information.

Warren Buffett says he’s not interested in seeing Huelskamp’s tax return. However, Buffett says he would release his tax information if other “ultra-rich” tax payers, like Fox News and Wall Street Journal owner Rupert Murdock, agree to release theirs.

Huelskamp says this is “a very special situation” based on what one man is claiming on his tax returns and doesn’t believe that everyone involved in advocating a public policy should be required to reveal tax information.

“I don’t think everybody should be required and neither should I, but we made that offer,” said Huelskamp. “If you want to show us the proof, and see if it’s really there Mr. Buffett, we’d be happy to share our tax returns as well.”

Huelskamp says that, in the end, he hopes to focus the discussion on “a flatter, simpler, fairer tax code.” He says, “We don’t need more taxes, we need more tax payers.”

To watch the full interview, click here.

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