Round One: 'Buffett Rule' Defeated

Senate Republicans were right to stand their ground. That said, the onus will eventually be on the GOP (most likely Mitt Romney) to better explain why this "political gimmick" is a "waste of time." The New York Times' Jonathan Weisman has more:

Senate Republicans on Monday blocked a move to open debate on the so-called Buffett Rule, ensuring that a measure pressed for months by President Obama and Senate Democrats to ensure that the superrich pay a tax rate of at least 30 percent will not come to a decisive vote.

But the fierce debate preceding the 51-45 vote — the Democrats were nine votes short of the 60 they needed — set off a week of political wrangling over taxes that both parties insist they are already winning.

Senate Democrats intend to return repeatedly to the legislation, named after the billionaire investor Warren Buffett, who has complained that he pays a lower effective tax rate than his secretary. On Thursday, House Republicans will counter with a proposed tax cut for businesses that they say would spur job creation but would cost the Treasury almost exactly what the Democrats’ tax increase would raise.

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published this page in In The News 2012-04-17 01:34:00 -0400
Analysis & Political Strategy