Monday, April 16, 2012

Senate rejects ‘Buffett Rule’

The Senate rejected the so-called Buffett Rule on Monday evening. Fifty-one senators voted in favor the tax increase on high-income owners, officially called the Paying A Fair Share Act, while 45 voted against it. But the Buffett Rule failed to get the necessary 60 votes to invoke cloture and end debate on the bill, effectively killing the rule's chances of passing the Senate. - Weekly Standard

Only one Republican, Susan Collins of Maine, voted in favor of the Buffett Rule, while Mark Pryor of Arkansas was the only Democrat to join the Republicans in voting against it.

Senate torpedoes 'Buffett Rule' - Bernie Becker/The Hill

Top GOP lawmakers have repeatedly called the Buffett Rule a political gimmick, and derided the president for campaigning heavily on the issue.