GOP Votes For Millionaires, Billionaires, Blocks “Buffett Rule”
The rule, proposed by President Obama and the Democratic party, would tax the investment income of the super-wealthy in order to bring them in line with others.
The senate voted 51-45 for the measure, but it did not gain the 60 cloture votes needed for an up-or-down majority vote.
Currently the top 1% of earners escape higher tax rates thanks to legislation that protects income from investments, often the top source of income for these people.
Both Obama and likely Republican nominee Mitt Romney would face higher rates under the Buffett Rule. Romney opposes the legislation, and has supported extending the Bush tax cuts for the super rich.
President Obama issued a press release in response to the GOP’s actions: “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.”
“The Buffett Rule is common sense. At a time when we have significant deficits to close and serious investments to make to strengthen our economy, we simply cannot afford to keep spending money on tax cuts that the wealthiest Americans don’t need and didn’t ask for. But it’s also about basic fairness – it’s just plain wrong that millions of middle-class Americans pay a higher share of their income in taxes than some millionaires and billionaires. America prospers when we’re all in it together and everyone has the opportunity to succeed.”
“One of the fundamental challenges of our time is building an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same rules. And I will continue to push Congress to take steps to not only restore economic security for the middle class and those trying to reach the middle class, but also to create an economy that’s built to last.”
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