In an August 2011 op-ed piece in the New York Times, Warren Buffett declared that wealthy Americans paid too little in taxes. The response to the piece was predictably partisan, with Sen. Mitch McConnell (R-Kentucky) saying Buffett should feel free to “send in a check” to the U.S. Treasury to assuage his guilt. Sen. John Thune (R-South Dakota) followed that up by introducing the “Buffett Rule Act,” which would allow rich folks to donate more in taxes to help pay down the national debt.
For an interview published in the new issue of Time magazine, Buffett told Rana Foroohar that Thune’s proposal was “a tax policy only a Republican could come up with.” If nothing else, Republican sparring on Buffett’s tax stance seems to have inspired the CEO of Berkshire Hathaway (NYSE:BRK-A) to play along and up the ante. Buffett said would donate $1 toward paying down the national debt for every dollar donated by a Republican in Congress, and for McConnell, $3 for every $1 McConnell donates.