FOXNews.com: Senate Republicans Block Obama's 'Buffett Rule' Tax

FOXNews.com FOX News Channel - We Report. You Decide. // via fulltextrssfeed.com

Senate Republicans Block Obama's 'Buffett Rule' Tax Apr 17th 2012, 00:21 Senate Republicans blocked President Obama's so-called "Buffett Rule," as the proposed minimum tax rate for millionaires failed to advance in a procedural vote Monday. The measure received majority support, 51-45, but 60 votes were required for the legislation to advance. Obama's proposal is generating enormous political wattage, but the plan itself would directly affect only a tiny fraction of Americans. Only around 210,000 taxpayers -- a bit over 1 of every 1,000 -- would face higher federal taxes if the measure were enacted, according to an estimate by one respected bipartisan research group. In addition, while Republicans say the plan would be a job killer, only a small proportion of businesses would potentially be subject to the tax, according to data from a 2011 Treasury Department study. These firms make disproportionately large amounts of money, but many of them don't employ any workers. Republicans, calling the Buffett rule a political sideshow designed to distract voters from the economy's problems, rounded up enough votes to block the bill in the Democratic-run Senate. But Democrats are eager to hold repeated votes on it this election year to demonstrate that they favor economic equality while Republicans prefer coddling the wealthy, so it's unlikely to disappear soon. The Associated Press contributed to this report.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions