Senate Republicans Filibuster Buffett Rule

[Calamari]

http://thinkprogress.org/economy/201...-buffett-rule/

The Buffett Rule, a bill backed by President Obama that would ensure millionaires pay a comparable tax rate to middle-class Americans, fell to a Republican filibuster in the Senate this evening, despite a new poll showing it to be overwhelmingly popular. While the rule, named after billionaire investor Warren Buffett, earned a majority vote of 51-45, it didn’t get the 60 votes needed to overcome a GOP filibuster. Sen. Susan Collins (R-ME) was the only Republican to vote yes, while one Democrat, Mark Pryor (AR), voted no. Sen. Joe Lieberman (I-CT) did not vote, but put out a statement opposing the bill. The vote is no surprise as Republicans vowed to block it, but Democrats wanted to put the GOP on the record as yet again filibustering to preserve lower tax rates for the wealthy. A CNN poll released today found that 72 percent of Americans — including 53 percent of Republicans and almost 70 percent of independents — support the Buffett Rule.

I didn't really have my hopes up, but at least it shows where everyone stands.

[Eastside Terp]

yep, the libs are all about symbolism this go round since they have no substance to run on ......

[rurdy]

Why does Obama hate small businesses that file individual tax returns anyway?

[SalisburySage]

WHat's the composition of the Senate...isn't it 51 Democrats 47 Republicans and 2 Independants? If its so popular with some Republicans and Independants how come they couldn't get 9 votes?

[georjec2]

It's a card played deftly by Obama in a election year.

[Calamari]

WHat's the composition of the Senate...isn't it 51 Democrats 47 Republicans and 2 Independants? If its so popular with some Republicans and Independants how come they couldn't get 9 votes?

Because Republicans tend to vote in lockstep, and are nearly unanimous in their hatred of America.

[Diego]

Because Republicans tend to vote in lockstep, and are nearly unanimous in their hatred of America.

How did the Democrats vote again?

ROTFLMAO

[sushilover]

How did the Democrats vote again?

ROTFLMAO

BOL @ the leftwingers that are so caught up in their "We All Is Trayvon" mentality that they refuse to see the obvious: Americans everywhere -- including Congress -- are tired of that failed affirmative action hire, Barry Obama, and intend to send that America-hating racist and his angry, bitter wife back to inner city Chicago next January.

[ivanbalt]

The Buffett Rule, a bill backed by President Obama that would ensure millionaires pay a comparable tax rate to middle-class Americans

I haven't really been following this. Can someone tell me how this would work? It's one thing to say millionaires will pay the same, but I'm interested in the how. Does Congress want to eliminate certain deductions?

[soulflower]

I haven't really been following this. Can someone tell me how this would work? It's one thing to say millionaires will pay the same, but I'm interested in the how. Does Congress want to eliminate certain deductions?

It would raise tax rates for millionaires to around 30%. Not much different than the rates under Reagan and Clinton. It would also affect Capital Gains taxes.

[Brohan]

Why does Obama hate small businesses that file individual tax returns anyway?

Because they don't donate to his campaign...for the most part.

[soulflower]

Why does Obama hate small businesses that file individual tax returns anyway?

Small businesses like Pepsi and Boeing?

[ivanbalt]

It would raise tax rates for millionaires to around 30%. Not much different than the rates under Reagan and Clinton. It would also affect Capital Gains taxes.

A simple tax increase? No suprise the Republicans are against this.

[michiganjoe]

It's really closing a loophole- one that allows someone like Willard to have an effective tax rate of about 15% on income of over $20 million.

[Gopher]

It is estimated that this election year gimmick would bring in about $47 billion over ten years. The government will post of budget deficit of $1.2 trillion this year alone.

[rurdy]

Small businesses like Pepsi and Boeing?

Go figure, I would have thought that they don't use a 1040 form.

[CajunRaven]

Because Republicans tend to vote in lockstep, and are nearly unanimous in their hatred of America.

And the dems aren't in lockstep. LOL!!!!

[8ball]

Brilliant plan Obama! Lets start a little class warfare over a meaningless bill to keep the attention from the failed policies of your short lived presidency.

When Obama owned both houses he could have passed any legislation he wanted. It's too late to pretend that he has a plan now. If he had a plan to begin with there was nothing to stop him from putting it into place from the start. Romney will stomp Obama and he won't even have to try real hard.

Jimmy Carter had a 14% lead at this point and had his rear end handed to him. Obama is down 2 points. This will be an embarrassing election for the left.

[soulflower]

Go figure, I would have thought that they don't use a 1040 form.

Any business that clears over 1 million dollars in net income isn't small. Also, some billion dollar corporations file as S-corps.

[jtowne-swim]

I haven't really been following this. Can someone tell me how this would work? It's one thing to say millionaires will pay the same, but I'm interested in the how. Does Congress want to eliminate certain deductions?

As I understand it for people making over a million dollars they would see a nominal rate increase (1-2%) they would have less deductions and credits availible to them. If a biollionare CEO gets a free apartment that would be taxable income under the rule.