Republicans reject 'Buffett rule' in the Senate (51 to 45)

latimes ^ | April 16, 2012, 4:18 p.m. | Lisa Mascaro

[Red Steel]

Reporting from Washington—

Republican-led opposition blocked the 'Buffett rule' from advancing in the Senate, turning back an election year effort by President Obama to slap a new tax rate on those earning beyond $1 million a year.

Nearly all Republicans voted against the measure, a potentially risky move at a time when 60% of voters support the measure, according to a recent Gallup poll, as a way to ensure wealthy Americans pay their fair share of taxes. Democrats are likely to revive the effort in coming months.

“Continuing to allow some of the wealthiest Americans to use special tax breaks to avoid paying their fair share simply cannot be justified,” the White House said in a statement before the vote.

[brooklin]

Collins isn’t married.

[Let_It_Be_So]

The lie: “Continuing to allow some of the wealthiest Americans to use special tax breaks to avoid paying their fair share simply cannot be justified,” the White House said in a statement before the vote.

The truth: The capital gains tax rate is not a “special” tax break. It is simply a 15% tax rate and is applied equally on all who report such income. The capital gains tax rate is neither progressive nor regressive taxation.

The opinion: Seems to me that it is the forerunner of a type of flat tax. If we cannot find a way to come up with a good consumption tax, I would like to see the earned income tax rates be replaced with the same rate as the capital gains tax rate. At least then we would be in the ballpark of a more “fair” tax system.

[johnthebaptistmoore]

Seriously, anybody, no matter who they are and how much money they have, can find a finite number of ways of donating extra money to the U.S. government, if they, really, wanted to do so. This issue is, just, a “dog and pony show” by the left, in order to ignore all of Barack Obama’s problems as well as ignore all of the problems of the left, in general.

[ilgipper]

What lie? With exception of Snowe the Republicans pulled together and were responsible for defeating the bill. The vote was close though so we have our work cut out for us.

There are 51 democrats, 2 democrat independents and 47 republicans. The democrats can pass it if they waned to push their majority. This was a bipartisan defeat. Kudos to the GOP for voting correctly, but this headline and story is just electon propaganda.

[citizen]

Buffet rule - another Obama straw man the progressive media is only too happy to characterize as a good and necesswary tax law blocked by those dastardly Republicans who only care for the 1% and will gleefully starve the poor and the old people and even little puppies.
cute
We can only hope there are enough rational people paying attention that won’t fall for Zero’s lies and tricks.

[Fast Moving Angel]

LOL ... some years ago, there was a magazine article (in Forbes, I think) where Warren and Jimmy were interviewed. Turns out they really are distant cousins through a common Nova Scotia relative. Warren said (paraphrasing) that the way things were going, referring to Jimmy’s musical success, he should start asking Jimmy for investment advice. I loved the picture at the beginning of the article — it showed Jimmy in a suit and tie with a disgusted look on his face, and Warren in a Hawaiian shirt.

[rhubarbk]

Surprise Surprise!!!!

[SuziQ]

Nearly all Republicans voted against the measure, a potentially risky move at a time when 60% of voters support the measure, according to a recent Gallup poll, as a way to ensure wealthy Americans pay their fair share of taxes.

LOL! So is that final statement the way the poll question was asked? I'm sure 60% DID say they supported that. I'd venture a guess that the vast majority of that 60% have absolutely NO clue what is actually written in the 'Buffett Rule', or how it would truly affect the national debt (not much).

[SendShaqtoIraq]

so if there were 51 votes FOR it, and only 45 AGAINST it, how does it not pass? they’ve now messed up math so bad that 51 is LESS THAN 45??

[deks]

The measure needed 60 votes to advance.

[Wisconsinlady]

Not Voting - 4
Akaka (D-HI)
Hatch (R-UT)
Kirk (R-IL)
Lieberman (ID-CT)

Does anyone know why these four did not vote?

[conservaKate]

Not sure I understand your comment. It takes 60 votes to pass any legislation in the Senate if there is not agreement on allowing the vote. There were 51...a majority who voted yes...but you need 60....to move forward.

It was not bipartisan. I don’t count one person as a bipartisan effort.

[DoughtyOne]

Bingo!

[LibsRJerks]

Good. I love a little Obama smackdown.

Now, let’s smack him out in November, for good.

[Kickass Conservative]

Democrats always use the term Bipartisan if one or more Republicans Vote with them.

[plain talk]

well whatever. The headline is correct in that Republicans as a bloc killed this bill with only one defection. The democrats sure as heck did not kill it. The Republicans killed it and got it done.

[Jeff Chandler]

U.S. Constitution - Article 1 Section 7

All bills for raising Revenue shall originate in the House of Representatives

[july4thfreedomfoundation]

Collins is engaged to a 73 year old. She is 59.

I live in Maine and I have no use for her.

[Raycpa]

Why can’t we lower the middle class tax rate down to Buffet’s rate?

[a fool in paradise]

I say the Republicans should offer up a non-binding resolution that Warren Buffett needs to STFU until he ponies up the billion dollars he already owes and refuses to pay.