04-17-2012, 04:09 AM
Aparecium Deletrius Legil
Join Date: Apr 2007
Location: The Soprano State
Buffet Rule Bill
Senate GOP blocks Buffett Rule bill - Apr. 16, 2012
NEW YORK (CNNMoney) -- A proposal to implement the Buffett Rule was blocked in the Senate on Monday, but proponents of the millionaire tax vowed to keep the issue alive in the months ahead.
Republicans, as expected, garnered enough support to reject Democrats' attempt to bring up the proposal for debate. The Democrats fell nine votes short.
The GOP put the kibosh on the bill known as the "Paying a Fair Share Act," which embodies President Obama's proposed millionaire tax.
The bill would impose a minimum 30% effective federal tax rate on those with adjusted gross incomes above $1 million, although it phases in for those making between $1 million and $2 million.
Taxpayers subject to the Buffett Rule would still get a break for charitable deductions and could count both the income and payroll taxes they paid when calculating what they would owe under the Buffett Rule.
The Buffett Rule bill itself may be dead for now, but Democrats are planning to resurrect the idea repeatedly on the campaign trail over the next six months to increase pressure on Republicans, according to Sen. Charles Schumer, a member of Senate Democratic leadership.
"We actually think we can pass something," Schumer said in a conference call Monday.
The Senate debate on Monday predictably revolved around the parties' competing notions of what defines the rich's fair share and whether the tax code is sufficiently progressive.
Sen. Mark Pryor was the only Democrat to cross party lines to vote against taking up the bill, while Sen. Susan Collins was the only Republican to vote with the Democrats.
Obama criticized Republicans for blocking debate on the rule, saying they chose "once again to protect tax breaks for the wealthiest few Americans at the expense of the middle class."
I guess it's another usual case of Party of No....
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