Bill > HR6410

This bill, known as the Buffett Rule Act of 2012, amends the Internal Revenue Code to allow taxpayers to voluntarily donate any amount, at least $1, when filing their income tax returns, in addition to any tax they owe. These donations will be deposited into the general fund of the Treasury and then transferred to a specific account dedicated to reducing the national debt, which is the total amount of money the federal government owes. Taxpayers will need to designate their donation on their tax return, either on the first page or the page with their signature, by checking a box that clearly states their intention to donate the included payment exclusively for paying down the national debt. This provision applies to tax years ending after December 31, 2011.