Tuesday, April 17, 2012

Rich Man’s Club, the Senate, Shoots down Buffet Rule Tax Idea

The Senate, a rich man’s club, rejected a new idea, the “Buffet Rule” whereby Millionaires would be forced to pay a fairer share of the taxation burden currently carried by working America.
Any new idea is rejected by the Senate because it is 1) New and 2) an Idea.
Long live the dumbed down Senate.  Duh!
The US Senate has blocked President Barack Obama's proposal to raise tax rate on those earning over one million dollars a year.
The wealth tax bill is largely considered a key element of Obama's re-election campaign and part of the broad plan for long-term deficit reduction.
Despite the Democrats' majority in the Senate, the lawmakers voted with a final tally of 51-45 Monday, falling short of nine votes to move the debate on the so-called "Buffet Rule" forward.
The "Buffett Rule", named in a reference to Warren Buffett, the billionaire investor who has repeatedly complained that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, was intended to impose a minimum 30 percent tax rate on annual incomes beyond one million dollars.