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.