Siding with the one percent, Senate Republicans rejected the Buffett Rule on Monday in a largely partisan vote. The final count was 51 to 45, just short of the 60 it needed to advance.
In reaction to the vote, President Obama issued a statement accusing Senate Republicans of "choosing once again to protect tax breaks for the wealthiest few Americans at the expense of the middle class."
Republican Senator Susan Collins of Maine and Democratic Senator Mark Pryor of Arkansas were the only ones that dared to cross party lines.
Inspired by billionaire Warren Buffett, the bill proposed millionaires and up should pay at least 30 percent in taxes. Buffett practically begged for his taxes to be raised, arguing it's wrong he legally pays less in taxes than his secretary.
Democrats framed the legislation as a shot at tax fairness, but they couldn't manage to dig up enough votes. Republicans deemed it a free ride for many Americans. This topic will likely re-emerge on the campaign trail before the November election.
Coincidentally, the filing deadline for 2011 taxes is tomorrow.





It's a waste of time. It will never get passed Congress...ever. The rich are the job creators not the middle class, we need to protect them and give them more incentives. Imagine if 60% of Americans are millionaires, would you still think it's unfair? Would Obama still playout the class warfare game? Fact is, we don't have a revenue problem, we have a spending problem. We added $6 trillion to the debt and have nothing to show for. USA is looking a lot more like a third world develop country. VERY SAD.
If the rich are the joB creators-where are the jobs? We have been down this road with the prior administration and look where it has gotTen us.-Spending is the problem? If you have a broken roof YOU PAY TO FIX IT!! Totally disgree with your statement-revenue is the problem!!!!!!!
"We added $6 trillion to the debt and have nothing to show for. "
Look again - look at the actual facts - not the Fox Faux Facts. There's quite a bit to show for it.
The USA has a deficit because of the bush tax cuts and two wars, one of which was absolute farce. Trickle down theory is now dead, it does not work, period.
Cindy:
Bush added 10 trillion to the debt after coming into office with a surplus left by Clinton and we do have something to show for it...4,400+ dead soldiers. I hope you got your monies worth Cindy...
Are you insane?
Cindy you watch to much Foxsnooze.Your views echo those of that channel.You say middle class are not job creators,who the hell do you think buy's the product's that so called "job creators sell"? Thats how an economic engine works.I'll try to explain it. First lets say you have a product you want to sell.Next you put it on the market.If people like your product they buy it. Unless your product is a high end product the people most likely to buy it are the middle class. Then if they buy enough of your product and you ca'nt keep pace,you will have to hire more help and on and on.So who are the job creator's?
The middle class has to work and earn money from the rich (COMPANIES, JOB CREATORS) in able to afford to buy the products. Middle class and poor in general do not create jobs, they want jobs. Without the rich (LARGE & SMALL CORP.) there will be no products produced, no work opportunities provided. Yes, rich, middle class and generally everyone plays an equally important role in the supply and demand, in the buying and selling in this free enterprise system. But taxing and double taxing the rich (COMPANIES, JOB CREATORS ) would be catastrophic especially in a recession because it would prohibit growth, hurt profit margins and eliminate incentives. Some would claim that the rich (COMPANIES, JOB CREATORS) are not creating jobs, then tell that to Apple, Dell, Walmart & your regular mom and pop store. Fact is, it will make things WORST if the rich (COMPANIES, JOB CREATORS) are overtaxed and overregulated. There is very limited benefit for doing so.
Reducing tax rates to big business or the wealthy does not create jobs. Businesses only add more employees when they cannot meet demand through inventories, back orders or overtime. Even then businesses may decide to meet increased demand through improved technology or outsourcing the work to other countries. So reducing tax rates simply improves profit margins and CEO bonuses with no benefit to society. Giving billionaires additional tax breaks will have no effect on demand - they will simply move the money offshore.
Now if you want to tie tax rate reduction to bringing back outsourced jobs - that would work. In turn, as more Americans return to employment demand will increase leading businesses to create even more jobs with a nice ripple effect through the economy.
Other than that, the only other way to "prime the pump" is for government to fund the re-hiring of teachers, police, firefighters, other government workers who were laid off and fund needed work on infrastructure. This would lead to increased demand even though short term debt would be increased - the long term consequences of that would need to be thrashed out by the economists.
I prefer tying tax breaks to businesses with desirable behaviors - such as bringing jobs back to America.
Adam_Selene
I agree that too much outsourcing has really damaged our economy. I would say even MORE tax breaks and incentives for companies that conducts their businesses here.
Keep in mind that at this time the tax breaks encourage companies to outsource - Google break, since I often criticize others for not researching their claims -
http://techpolicy.typepad.com/tpp/2004/03/tax_breaks_for_.html
Looks like it is a "what happens in India stays in India" a lower tax rate if they keep their overseas profits offshore. "Unrepatriated earnings" are the key words if you want to research this further. This is not "political", apparently this has been the law for over 100 years.
If our tax laws were written by politicians who represented their country rather the special interests - this would be easy. Write laws that encourage desired behavior.
I get two main conclussions from the vote:
1. Democrats (although a few) can snatch defeat from the hands of victory... again.
2. It is very sad that a step towards fairness is muted. Symbolic as it may be, the Buffet rule was there to remind us of one of our core values: We help each other through difficulties. If my neighbor house is burning down and I have a hose, I will help put off that fire.
About the argument against the Buffet rule --the job creators argument. Well, it is BS. I have a small business and I paid 38% of my income in taxes, and you know what? It is Ok as long as that money is well spent. What irritates me is that other people sit in their offices betting and trading and they pay way less in taxes than us. They are not more a job creator than I am. From Chile to the US, there is absolutely no evidence that trickle down economics work. There is also no evidence that an increase in taxes has a negative impact on jobs, and the current recession is evidence that actually, unregulated economy together with lower taxes do not work. So, the job creators can totally weather a tax hike and the Buffet rule affects mostly non-job-creators. The argument is just a red herring.
LOL -- The 1% are NOT job creators -- middle class consumers with disposable income are the job creators -- they are the customers. The less we have the less the 1% will have. It's pretty simple math. How can you create jobs if you have no customers???
Man if only we could get enough ppl to agree to stop making the rich richer by not buying their products or spending less on their products we might be able to get some things done, and if we vote out those people who don't want to see the growth of change then we could breath better and finish traveling down the road to recovery not going to the emergency room every day because some people want to act like kindergarten kids, sticking their tongues out and saying ha ha we gonna get you to the commander an chief of this country, wow GOP has really disgraced this country but they didn't do it alone everyone who voted for them gave them the power to keep us in the hospital in intensive care,,I am voting for recovery what are you standing up for
tinie i agree stop buying microsoft products gates is too rich. stop buying prescription drugs the drug companies are too rich
"Buffett practically begged for his taxes to be raised, arguing it's wrong he legally pays less in taxes than his secretary."
He doesn't "pay less than his secretary", what a pantload. Journalism is dead.
He didn't say he paid less. He said he payed a lower tax rate. Big differance.
With a capital gains and dividend tax rate of 15% the Obama Buffet Rule would "achieve fairness" by taking the capital from the capatalists by an enforced new concept Alternative Minimun Tax on top of the one already on the books that has never been indexed to inflation. The tax moneys raised by the Buffet Rule would have only raised $4.75 Billion in its first year, just about what the government spends in tax and borrowed dollars (40% and rising of every dollar spent from the latter) EVERY 11 HOURS!
Pay off the deficit with these funds? You'd have to collect that 4.75 Billion every year for 250 years (longer than the U.S. has existed) in order to retire the added deficit run up in Obama's first year in office alone.
How about cutting back on the run away federal government spending post haste. We can begin with cutting out the perogatives of the rich life of excessive luxury that Mr. Obama and his family enjoy with their excesive vacationing. It's reported the tax payer picked up the $4 million tab for the First Family's 17 day Martha's Vineyard vacation last year, for example, even as our Credit rating was being lowered by the international major credit rating agencies, dooming us to higher interest costs on our mountain of Federal debt.
What's wrong with vacationing at Camp David, which we pay so much in maintenance cost every year, wether its used or not?
Where did you get to take your 2&1/2 week vacation, followed shortly after with a tax payers paid junket for two more weeks for Michelle and the girls to Spain? Hmmm?
Perhaps they need those dollars from the "rich" to give GSA employees and interns more luxurious trips to Las Vegas and Palm Sprngs for "morale" building conventions, or fly out government patronage jobs execs and their family members for a week's vacation to Hawaii for "participation" in a one hour ribbon cutting ceremony? Give me a break!
This is all symtomatic of the fact that the Democratic controlled Senate has blocked consideration and passage of a Federal Budget each year of the Obama presidency, while his own party members in the House refused to cast one vote in support of the runaway spending budgets sent to Congress in the last two years by the Obama Administration.
How do you say malfeasance and fraud???
buffet should pay the back taxes he owes as he wants to pay more taxes. i like what chris christy told buffet 'shut up and write a check"
I see Lt. Fuzz has made it out of the cyber fact-checking brig I had him tossed him into after he hung one on and wound up passed out in the back of a colleague's old taxi cab...
I just happened upon this one about his fair-haired boy George Zimmerman... (the usual "type http:" protocol applies)
//rollingout.com/culture/george-zimmerman-son-of-a-retired-judge-has-3-closed-arrests/
Robert Zimmerman, a former Orange County magistrate judge, recently wrote a letter to The Orlando Sentinel defending his son, who’s been dragged through the mud for shooting the unarmed 17-year-old last month.
Now more info is being dug up on his “victimized” son through public records and revealing his checkered past.
According to a records search on George, he was previously arrested for domestic violence, resisting an officer without violence and most shockingly, resisting an officer with violence — a felony charge that surely could have landed him in prison.
All three of those arrests, however, were mysteriously closed with no semblance of charges for the Florida resident.
I don't make this stuff up... Murder Two sounds about right....
Cabbie:
Zimmerman was never arrested for domestic violence. He and his ex fiance had simply filed cross petitions for restraining orders to the family court in 2005 only, that's where the rumor started in the leftist smearing and slandering press that he had been arrested for domesitc violence.
There were two charges filed against Zimmerman when he was 21 years of age (some 7 years ago) when during an alcohol related incident he was accused of shoving a police officer, one charge for interferance with an officer with violence and a charge of interferring with an office without violence. When the case went before a judge he was remanded to an alcohol remediation program (similiar to a DUI charge resolution without finding) and the case closed upon his successful completion of that. No charge was sustained by the judge hearing the case on either of the charges presented.
Is that clear enough for your carbon monixide and rotgut whiskey befuddled brain to get itself around?
Instead of quoting leftist internet blog sites as infalible resouuces, try going directly to the Seminole County Court Records for those years. Or, as I have referred you to before, Wikipedia, for a unimpassioned, no wheel to grind detailed and thorough presentation of all the known facts of this case and a correction of the distortions in the leftist press.
Zimmerman isn't my "fair haired boy, he is being and has been from jumnp street unfairly slandered in the media, and for what cause, I ask you? Why is the leftist media outlets like NBC (MSNBC), ABC, and CNN so very rabor about trying to portray him as prone to violence and a racist? What do they get out of that distortion? Have you no curriousity around that question?
During his time in the Senate and while running for president, Obama received a total of $77,051 from the oil giant and is the top recipient of BP PAC and individual money over the past 20 years, according to financial disclosure records.
Read more: http://www.politico.com/news/stories/0510/36783.html#ixzz1sR3lGBL2