US millionaires smiling all the way to the bank as Buffett Rule dies in Senate vote

U.S. Senate Republicans defeated President Obama’s high-income tax plan, the Buffett Rule, on Monday night, blocking it on a procedural vote. In all, 50 Democrats, including Minnesotans Amy Klobuchar and Al Franken, and one Republican backed the proposal; 44 Republicans and one Democrat voted no. Sixty votes were required for passage.

The Buffett Rule as policy is dead, at least for now, but as a political talking point and a part of the larger election year debate over taxing and spending, it lives on. Polls show strong support for the Buffett Rule among voters, and Democrats are hoping to cash in on that “tax-the-rich” sentiment come November.

Democratic lawmakers say the Buffett Rule is a matter of fairness, ensuring people who make more than $1 million a year pay at least 30 percent in income taxes. After the vote Monday night, they said it was also a component of paying down the federal deficit in a “balanced” way, combining spending cuts with increased revenue.

Note EU-Digest: what has happened to a the simple majority vote in the American political system?

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