Buffett rule fails in the Senate

(Reuters) – 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 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.

Though scant changes to tax policy are expected ahead of the November 6 general election, the skirmishes will give voters a preview of debates they will hear over the next seven months.

via Buffett rule fails Senate vote in tax fight | Reuters.

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