The Senate on Monday struck down the so-called “Buffett Rule,” a Democratic-backed measure that would require high income Americans to be taxed at a rate of at least 30 percent, voting 51-45 not to proceed with a vote on the legislation.
The vote fell largely along party lines. Democrats needed 60 votes to overcome a filibuster.
As Americans across the country rush to file their taxes ahead of this year’s April 17 deadline, Senate Democrats were pushing the Buffett Rule legislation, which would have mandated that income above $2 million would be taxed at least at a 30 percent rate, with a graduated boost in the minimum marginal rates for income between $1 million and $2 million.
(via “Buffett Rule” fails in the Senate - Political Hotsheet - CBS News)