Billionaire Warren Buffet, in an op-ed column published in The New York Times last month, asked Congress to stop coddling the "mega-rich" and demand shared sacrifice in terms of raising taxes on the wealthy in America.
This has now been designated by President Obama as the "Buffett Rule" - raising taxes on millionaires to help cure the federal deficit.
My suggestion is this: If Mr. Buffett so believes in the idea that he is "under-taxed" (and he seems to be promoting this as a matter of conscience), then he should at once calculate what he thinks his fair share should be, write a check for that amount, and send it to the Internal Revenue Service.
Do not delay Mr. Buffett! Pay today. Do not wait for Congress to act. And encourage your mega-rich friends who feel they are under-taxed to write checks to the IRS as well.