Rueters: Buffett rule fails Senate vote in tax fight

It's going to hard to blame this one on the republicans, but given this administration's propensity to blame all that happens on others and mostly republicans, I am sure they will try anyway!  I would guess some of the folks, of Mr. Obama party, are thinking about re-election just now or maybe are even bright enough to understand this tax increase would have hurt the economy by taking money away from small business owners.  Personally, I understand, not one dime of this proposed tax increase would have gone to the deficit and sadly, the $$ collected over 10 years would not have been enough to cover the deficit spending Obama does in 1 year.  This administration would have spent the small amount that did come in on more bureaucracy, regulation or give away programs.

From the Wall Street Journal article, you can tell Bill Nelson voted for it:  "The measure drew 51 votes, with 45 opposed, short of the 60 votes needed to advance.

Sen. Mark Pryor of Arkansas was the only Democrat to oppose the measure; Sen. Susan Collins of Maine was the only Republican to support it."  http://online.wsj.com/article/SB10001424052702304299304577348221678...

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By Kim Dixon

WASHINGTON | Mon Apr 16, 2012

(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 general election.

Democrats, as expected, failed to garner the 60 votes needed in the 100-member Senate to move to a full debate and vote on the bill aimed at getting more tax revenues out of the wealthy.

Obama and congressional Republicans are squaring off this week over the tax hikes for millionaires and a Republican plan to give new tax cuts for businesses.

"Tonight, Senate Republicans voted to block the Buffett Rule, choosing once again to protect tax breaks for the wealthiest few Americans at the expense of the middle class," Obama said in a statement.

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

Obama and his fellow Democrats argue that raising taxes on the rich will help reduce deficits and bring more fairness to the tax code. Republicans are pushing a much different narrative of tax cuts - even if they add to deficits - as a way of creating jobs.

Read more here:  http://www.reuters.com/article/2012/04/16/us-usa-congress-taxes-vot...

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Comment by amanda choate on April 18, 2012 at 11:28am

Patricia, it is about justice. And yes Republicans are singularly to blame for its failure to pass. 73% of all Americans think it is the right thing to do, even 53% of Republcians think it isright thing to do. Only 45 Republican senators did not think even worthy of a vote.

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