‘Buffett Rule’ fails U.S. Senate vote in tax fight
WASHINGTON – U.S. Senate Republicans on Monday blocked President Barack Obama’s “Buffett Rule“ legislation, which would have put a 30% minimum tax on millionaires, in a debate that is likely to resonate through the November elections.
Democrats, as expected, failed to garner the 60 votes needed in the 100-member Senate to move forward to a full debate and vote on the bill aimed at squeezing more tax revenues out of the wealthy.
Obama and congressional Republicans are squaring off this week over tax hikes for millionaires and a competing Republican plan to give new tax cuts for businesses.
