Buffet Rule Bill Blocked by Senate GOP

On Monday, the Senate blocked a proposal to implement the Buffet Rule after Republicans garnered enough support to stop the Democrats’ attempt to bring the proposal up for debate. While the Democrats were nine votes short, proponents of the so-called millionaire tax plan to revive the issue in upcoming months.

The millionaire tax is embodied in what is known as the “Paying a Fair Share Act;” a bill that would increase the minimum effective federal tax rate to 30% for those with adjusted gross incomes over $1 million. Individuals affect by the millionaire tax would still receive a tax break for charitable deductions and could count paid income and payroll taxes when calculating taxes owed under the Buffet Rule.

President Obama has criticized the Republicans for blocking debate on the Buffet Rule, stating that the GOP chose “once again to protect tax breaks for the wealthiest few Americans at the expense of the middle class.” Democratic lawmakers claim the millionaire tax would ensure that millionaires pay a fair share of taxes as compared to the middle class. Republicans have criticized the bill as a political gimmick to distract voters from the country’s more pressing problems, like job creation, economic growth, a debt reduction.

See Jeanne Sahadi, Senate GOP Blocks Buffet Rule Bill, CNN Money, Apr. 16, 2012.