–Senate Defeats Dem Motion To Consider Buffett Rule Bill
–Senate Majority Leader: Buffett Rule is Matter of ‘Economic Fairness’
–Senate Minority Leader McConnell: Dems Pushing ‘Poll-Tested’ Gimmick

By John Shaw

WASHINGTON (MNI) – The Senate rejected Monday evening a Democratic
motion to formally consider the so-called Buffett Rule legislation.

The Senate Democratic motion to begin debate on the bill fell 9
votes shy of the 60 votes that were needed.

The Senate vote was 51 to 45 to begin debate on the bill. The
measure was blocked on a mostly party line vote. To advance in the
Senate, the bill required 60 votes.

Earlier in the day, Senate Majority Leader Harry Reid and Senate
Minority Leader Mitch McConnell clashed sharply on the merits of the
Buffett Rule on the Senate floor.

Reid argued that it’s needed to make the tax code fairer while
McConnell insisted the measure is little more than a “poll-tested”
political ploy.

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

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

McConnell scorched President 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 Buffett Rule bill would set a minimum effective tax rate for
high-income earners.

The 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 up to 30%. Those earning $2 million or more would have a tax
rate of at least 30%.

To advance in the Senate, the bill required 60 votes.

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.

This is not likely to be the last time the Senate votes on the
Buffett Rule.

Sen. Chuck Schumer, the third ranking Senate Democrat, said in a
conference call Monday that Democrats will force multiple votes this
year on the Buffett Rule.

He said that repeated Senate votes will both build public support
for the measure and force Republicans to cast difficult political votes.

“We are going to come back to this issue repeatedly,” Schumer
vowed.

** Market News International Washington Bureau: (202) 371-2121 **

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