President Obama's so-called Buffett rule has slammed into a wall of GOP opposition. On the eve of tax day, Senate Republicans voted yesterday to block a measure that would have made mega-investor Warren Buffett and billionaires and millionaires like him pay at least a 30 percent tax rate. Although Buffett endorses such a rule, Senate Republicans call it an election year gimmick. Their Democratic counterparts insist it's all about fairness. NPR's David Welna has our story.
For President Obama, the Buffett Rule is the political equivalent of a Swiss army knife, a tool he clearly intends to use any number of ways as he fights to be re-elected and deny the White House to Republican Mitt Romney.
From the Democrats' perspective, the proposed rule, which would require that superwealthy taxpayers with at least $1 million in taxable income after deductions, pay taxes at a minimum 30 percent rate, has so much going for it, they can hardly stop talking about it.
A tax-the-rich proposal named after Warren Buffett has little chance of passing this year, but that hasn't stopped the debate over what impact it would have.
Some economists are skeptical that a 30 percent minimum tax on people with million-dollar incomes — known as the "Buffett rule" — would do much to reduce the deficit or boost the economy. But the Obama administration says the proposal is necessary to make the tax code more equitable.