–Senate Majority Leader: Buffett Rule is Matter of ‘Economic Fairness’
–Sen. Reid: Additional Revenues Could Go For Pressing Needs
–Senate Minority Leader McConnell: Dems Pushing ‘Poll-Tested’ Gimmick

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid and Senate
Minority Leader Mitch McConnell clashed sharply Monday on the merits of
the Buffett Rule, with Reid arguing it is needed to make the tax code
fairer while McConnell insisted the measure is little more than a
“poll-tested” political ploy.

In remarks on the Senate floor, Reid and McConnell offered starkly
different views of the so-called Buffett rule.

Reid said the measure is needed to make the tax code fairer and
to raise revenues that could be used for critical programs and deficit
reduction.

He said the measure is motivated by the Democrats’ goal to promote
“economic fairness.”

Reid said the tax code has become less progressive and balanced.
“This unfair system has turned the gap between the richest few into a
gulf, not a gap,” he said.

McConnell hammered President Barack Obama for his “relentless
focus” on the Buffett Rule and accused the president of “wasting so much
time on this political gimmick.”

McConnell said Obama needs to “step up and provide serious
leadership” on critical economic matters. He said the president is
engaging in “all politics, all the time.”

The Senate will hold a procedural vote Monday evening at 5:30 p.m.
on the “Buffett Rule” bill which would set a minimum effective tax rate
for high-income earners.

The specific bill, which is being pushed by Senate Democratic
leaders, would require people who earn more than $1 million annually to
pay a minimum tax rate of 30%.

To advance in the Senate, the bill will require 60 votes, which is
very unlikely.

Democrats have said that passing the Buffett Rule would help
generate about $47 billion over a decade and would also make the tax
code more equitable.

Many Republicans have said the Buffett Rule issue is little more
than a political device by Democrats to embarrass the GOP on taxes.

** MNI Washington Bureau: (202) 371-2121 **

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