Republicans demand Buffett’s tax returns

[I AM NOT THAT GUY 5,715]

Republicans demanded Thursday that billionaire investment guru Warren Buffett reveal his tax returns if his views on tax rates are going to serve as the basis for the White House’s proposals.

Buffett has loudly and famously said he pays a lower tax rate than his secretary in arguing that the rich should bear a larger tax burden. He has inspired President Obama to institute a “Buffett rule” to guide his tax policies that says millionaires and billionaires should not pay a lower portion of their income on taxes than the poor and middle class.

“Will Warren Buffett release his tax returns so we can see why he should be the standard for tax policy?” Sen. John Cornyn (R-Texas) questioned in a tweet Thursday.

“If he’s going to be the gold standard, so to speak, in terms of what our tax policy should be, yeah, let’s look at [his tax returns],” Cornyn told ABC News.

Freshman Rep. Tim Huelskamp (R-Kan.) sent an open letter to Buffett calling on the financial wizard to turn over his personal documents.

“Given the use of your name and your story as the guiding force for the president’s policy prescription, it is my hope that the evidence to justify such a change in policy will soon be available for public review,” Huelskamp wrote.

During a meeting of the deficit supercommittee, Rep. Dave Camp (R-Mich.), the chairman of the House Ways and Means Committee, cited statistics asserting that taxpayers with incomes over $1 million pay significantly higher average rates than do middle-class families.

“Frankly, Mr. Buffett needs to give his secretary a raise,” Camp said.

“I don’t think they’ve asked for something they know he won’t do,” Republican strategist Matt Mackowiak said. “Republicans are just saying, ‘OK, if he’s the standard, can we at least better understand this situation so we can judge it objectively?’ ”

Sen. Jim DeMint (R-S.C.) floated the suggestion earlier this week that Buffett should release his financial information.

“I’d love to see Buffett’s tax returns so we can see what he’s really doing, because he’s kind of operating in the dark here, making some claims,” DeMint told Bloomberg Television.

Huelskamp and Cornyn said Buffett was unlikely to release the information.

“Buffett has bitten off more than he can chew; he’s afraid to show the proof,” said Huelskamp.

Buffett’s office could not be reached for comment.

http://thehill.com/blogs/blog-briefing-room/news/183253-republicans-demand-buffetts-tax-returns