Senate Blocks Buffett Rule

The U.S. Senate blocked the proposed Buffett rule that would set a minimum 30 percent federal tax rate for the highest earners.

The 51-45 vote today in Washington fell short of the 60 needed to advance the measure. President Barack Obama has been campaigning for the legislation across the country, maintaining it’s unfair that some high-income taxpayers can use deductions and preferential tax treatment of investment income to pay lower tax rates than some middle-income wage earners do.

“By wasting so much time on this political gimmick that even Democrats admit won’t solve our larger problems, it’s shown the president is more interested in misleading people than he is in leading,” Mitch McConnell of Kentucky, the Senate minority leader, said as he contended that the bill won’t create jobs. (Continues)