Thursday, October 04, 2012

Buffett Rule fails to pass Senate

[4/16/12] Senate Republicans on Monday blocked President Barack Obama's "Buffett Rule" legislation, which would have put a 30-percent minimum tax on millionaires, in a debate that is likely to resonate through the November general election.

Democrats, as expected, failed to garner the 60 votes needed in the 100-member Senate to move to a full debate and vote on the bill aimed at getting more tax revenues out of the wealthy.

"Tonight, Senate Republicans voted to block the Buffett Rule, choosing once again to protect tax breaks for the wealthiest few Americans at the expense of the middle class," Obama said in a statement.

Fifty-one senators voted for the bill, while 45 senators voted no, effectively killing it. Republican Senator Susan Collins voted for the tax hike, while Democratic Senator Mark Pryor voted against it.

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