Senate Republican leaders on Monday voted against the Obama led “Buffett rule” in a close outcome that nearly split party lines at 51-45. The vote was large enough to keep the bill alive but nine fewer votes than needed to continue a debate of the measure.
The Buffett rule wasn’t expected to pass the US Senate and was seen more as a tactic by the Obama administration to win over voters who have become disheartened with the GOPs refusal to raise taxes on their rich rich.
Under the “Buffett rule” millionaires would be forced to pay a minimum of 30 percent tax on their annual earnings.
Democrats claim that the bill is necessary to create “equality” for middle class citizens who are struggling to find jobs that are not being offered by “job creators” as they have become known by many members of the GOP. Fighting back against the Democrats claims the GOP claims cutting taxes to the rich is nothing more than a distraction meant to take away from the countries real economic woes.
Speaking after the bill was defeated Senate Majority Leader Harry Reid, D-Nev. said:
“Times are tough for many middle-class American families. But millionaires and billionaires aren’t sharing the pain or the sacrifices, not one bit.”
On the opposite side of the argument Senate Minority Leader Mitch McConnell, R-Ky noted:
“Americans are tired of the blame game. They want their president to solve problems, not point fingers.”
While this was the first time the “Buffett rule” has come before a Senate vote in 2012 it is not the first time democrats have attempted to impose surcharges on income earned by the nations wealthiest millionaires and billionaires.
In other taxes news the House on Thursday will vote on a bill that would provide a 20 percent tax deduction to all businesses with less than 500 workers, that would mean savings for 99.9 percent of all U.S. companies. The business tax initiative is to be led by House Majority Leader Eric Cantor, R-Va.
Here’s a video of President Obama explaining why we need the Buffett rule:
The Republicans and Democrats could both be playing with fire, on the one hand if their plans are enacted they could be proven right, however if the GOP passes a tax cut to businesses that doesn’t create jobs their argument for job creators will be shot, while raising taxes on the nations rich could cause job losses which would hurt the same argument for the Dems.