CHN: Senate Fails to Move Forward on the Buffett Rule

On April 16, the Senate fell short of the 60 votes needed to move forward on the “Paying a Fair Share Act of 2012” (S. 2230), a tax fairness bill introduced by Senator Sheldon Whitehouse (D-RI). Also known as the Buffett Rule, S. 2230 would require millionaires and billionaires to pay a minimum of 30 percent of their income in taxes, with the higher rates phased in beginning at the $1 million level. Senators voted 51-45 to limit debate on calling up the bill, but 60 votes were needed to succeed in moving to consideration of S. 2230. All Democrats except Mark Pryor (D-AR) voted in favor and all Republicans except Susan Collins (R-ME) voted in opposition. The Congressional Budget Office has estimated that if enacted, the Buffett Rule would raise $4 billion in revenue annually; other analysts have higher estimates. It is likely that Democrats will continue to push for a vote on the Buffett Rule this year.

tax policy