Finance

Controversial ‘Buffett Rule’ Derailed in the Senate

WASHINGTON (AP) — Senate Republicans derailed a Democratic “Buffett rule” bill Monday forcing the nation’s top earners to pay at least 30 percent of their income in taxes, using the day before Americans’ taxes are due to defy President Barack Obama on one of his signature election-year issues.

By a near party-line 51-45 tally, senators voted to keep the bill alive but fell nine votes short of the 60 needed to continue debating the measure. The anti-climactic outcome was no surprise to anyone in a vote that designed more to win over voters and embarrass senators in close races than to push legislation into law.

Comments (71)

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  • Gonzo
    Posted on April 17, 2012 at 7:59am

    Obama didn’t want this to pass any more than the Republicans did. He only wanted an issue (other than his abysmal record) to run on.

    Report Post » Gonzo  
    • Obama Snake Oil Co
      Posted on April 17, 2012 at 8:37am

      Is the Buffet rule the same that Geitner uses, don’t pay you back taxes and play dumb? It should have been called “I don’t want to pay taxes bill”. To name a bill after a man that has not paid nearly a billion dollars makes a mockery of system.

      Report Post » Obama Snake Oil Co  
    • georgette
      Posted on April 17, 2012 at 9:52am

      Yet another example of doing everything to get out of handling the business of our nation.

      Report Post »  
    • dmerwin
      Posted on April 17, 2012 at 11:20am

      But uncle Ted the about 4 Billion generated per year would have paid for a full day of spending.

      Report Post » dmerwin  
    • kpmec
      Posted on April 17, 2012 at 11:50am

      First I am not a fan of Obama or a Dem, but I don’t understand how people can believe that the extremely wealthy should not pay at least as much as the rest of middle class taxpayers. This isn’t about balancing the budget but it is about class warfare. A war in which only the wealthy have been participating in because we don’t have access. The income disparity has risen dramatically over the past several decades obviously someone has been winning the war I bet you didn’t even know you were in. People like Buffet take advantage of the tax system because it is legal and they would be a fool not to. But this advantage they have with the tax lawyers they can afford allows them to increase their wealth (middle class makes ends meet) allowing them to buy up millions of acres of property as an example, allows them access to the political machine increasing favors for them by our elected officials. Money talks to politicians the rest don’t matter. So yes their is a class warfare going on but the majority of Americans (mainly “Middleclass) can’t participate. So no it isn’t about balancing the budget but about who controls your life with their money buy having disposable money to buy access and favors. Wake up.

      Report Post »  
    • Gonzo
      Posted on April 17, 2012 at 1:15pm

      kpmec
      Your homework assignment for tonight is to learn the difference between the income tax and the capital gains tax.

      Report Post » Gonzo  
    • AvengerK
      Posted on April 17, 2012 at 1:41pm

      KPMEC…if I had a dime for every lefty troll that starts with “I‘m no fan of Obama’s but the EXTREMELY wealthy…blah blah”- I’d be extremely wealthy. You lefties just can’t help yourselves. You’re so marinated in lefty catch phrases and memes that you recite your rote without thinking at all.
      Take you comedy act back to media matters and tell them to add you to their “fail” list.

      Report Post »  
    • jzs
      Posted on April 17, 2012 at 2:02pm

      Actually, 72% of Americans support the “Buffet rule,“ but who cares what ”We the People” think?

      http://i2.cdn.turner.com/cnn/2012/images/04/16/rel4c.pdf

      Report Post » jzs  
    • SpeckChaser
      Posted on April 17, 2012 at 6:01pm

      JZS

      We have a President saying he wants to pay more in taxes while taking 48K in deductions in the form of a gift to their daughters.

      The same President is proposing “The Buffet Rule,” which Buffet opposes, because it’s not fair that the top 10% of wage earners only pay 70% of the bill.

      If enacted, the bill would raise a staggering 5 Billion, which is 2.5 times higher than the 2 Billion that would be raised if Buffet and all federal workers would just simply PAY their back taxes. It is also 7 times lower than the amount you would raise by cutting all federal departments by 1%

      So we have a President saying he wants to pay more taxes but taking deductions, while proposing a tax increase bill named after a guy whose company owes 1B in back taxes and opposes the bill named after him, targeting a group of people already paying 70 percent of the tax bill because they’re not paying their fair share. But conservatives are the only suckers who “will buy any crap they shove in our mouths.” Yawn

      On the other hand, it could be argued that Joe Biden is at least serious about the rich paying more in taxes. He supports that idea so much that he refused to give even 1.5% of his income to charity, you know, so he wouldn’t be able to take the charity deduction in turn paying more taxes.

      You also never answered why you were advocating for a 12-50% tax increase on those in the middle to lowest tax brackets.

      Report Post » SpeckChaser  
  • s.n.
    Posted on April 17, 2012 at 7:54am

    Lowering taxes increases consumer spending which increases tax revenues which lowers the deficit. And I aint a 4 yr old with a 159 IQ

    Report Post »  
    • skimmer57
      Posted on April 17, 2012 at 8:13am

      The Bush tax breaks came with a promise that they would create jobs. Ten years later where are the jobs? What a scam the GOP has sold us that same old bill of goods about trickle down. It does not work!

      Report Post »  
    • BehindBlueEyes
      Posted on April 17, 2012 at 8:41am

      @SKIMMER57
      Give us an example of where raising taxes has produced more revenue? And while your at it can you explain to me why spending money we don’t have is a good idea?

      Report Post » BehindBlueEyes  
    • altannt
      Posted on April 17, 2012 at 9:23am

      There were more people working when Bush was in until this dope Obuma got his hands on the country

      Report Post »  
    • happ77
      Posted on April 17, 2012 at 9:28am

      Hey Dimmer 57
      Trickle down has been going on for over 200yrs.
      Its made us the richest country in the world, at least
      before the politicians and the dreggs of socioty started tearing
      the country down. Look at history, go back a few thousand years and see
      if you can figure out what it was that changed mans plight and when.
      You dimwit.

      Report Post »  
    • old white guy
      Posted on April 17, 2012 at 9:40am

      skimmer you might want to check the numbers. 4.6% unemployment under bush and the repubs. just look at the numbers after the dems took congress and after obama was elected.

      Report Post »  
    • encinom
      Posted on April 17, 2012 at 10:37am

      BehindBlueEyes
      Posted on April 17, 2012 at 8:41am
      @SKIMMER57
      Give us an example of where raising taxes has produced more revenue? And while your at it can you explain to me why spending money we don’t have is a good idea?
      ______________
      One of the first things Reagan did when he took office was raise taxes. The Bush welfare for the wealthy has not produced one job, while it cut resources need to deal with the great recession that negated all of the job growth during the Clinton years.

      Of course the lie that GOP is telling is that this will affected the Middle class, when in truth the Bill is aimed at the executives who for years have structured their income to take advantage of the captial gains loop hole. But the Tea Baggers that scream about the debt are quiet about this grossly unfair tax break that places more burdens on the middle class.

      Report Post »  
    • Americanius
      Posted on April 17, 2012 at 10:47am

      This is a circus stunt using class envy. The tax will raise 0.1% of the $1.5 trillion Obama deficit. The class warfare soldiers don’t understand that money is fungible. If the government raises a rate then those with the assets will move them into another pot with lower tax rate. They also don’t understand that those affected by the Buffet rule invest in markets, venture capital for entrepreneurs, and businesses that need capital. If the government takes an extra 15, 20, 30 percent then that money is lost forever from the private market. Sure it gets spent on government programs but never in areas that produce growth and usually line the pockets of cronies and campaign chests or in the case of the GSA one helluva party.

      Report Post »  
    • dmerwin
      Posted on April 17, 2012 at 11:21am

      skimmer57
      Wrong, Reaganomics, also used by Kennedy and Clinton.

      Report Post » dmerwin  
    • Jaycen
      Posted on April 17, 2012 at 11:28am

      @encinom

      Good god, the old lie that Reagan “raised taxes” is still bouncing around the internet. Reagan lowered capital gains taxes – you know, investments? Those things that encourage people to save money, and banks to lend real, loanable funds to businesses?

      This article is about capital gains, and the communists can’t tell the difference between those and income taxes.

      Report Post » Jaycen  
    • AvengerK
      Posted on April 17, 2012 at 12:48pm

      ENCIDIOT…
      An education for you…
      “[...]the inflation of the 1970s pushed millions of taxpayers into higher tax brackets. To begin to offset this tax increase and also to improve incentives to work, save, and invest, Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an UNAMBIGUOUS TAX CUT in JANUARY, 1983, (I’ll say that again for you ENCIDIOT..“AN UNAMBIGUOUS TAX CUT”) income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).”- Heritage Foundation. “How can this be?” says the benighted ENCIDIOT. “How do you get more tax revenues from lower tax rates?” says the intellectually atrophied ENCIDIOT. “My keepers haven’t explained this to me” says a disappointed ENCIDIOT.
      Let’s examine the cap gains tax reduction of George W. Bush. He reduced the cap gains tax rate to 15%. What happened? Government revenue from cap gains taxes went up over 100%. “Why?” asks the drooling ENCIDIOT? “That doesn’t make sense..my lefty keepers repeatedly tell me higher taxes are what we must have and I can’t think beyond that” says ENCIDIOT. I’ll tell you why ENCIDIOT..because the lower cap gains tax rate promotes more activity. More activity means more taxe revenues generated. Yo

      Report Post »  
    • skimmer57
      Posted on April 17, 2012 at 6:06pm

      Avenjerk— When W left office we were losing 750,000 jobs a month! Taxes were higher under Clinton and we had the biggest surplus in our nations history. Rocket Boy Bush blew thru that and cut taxes for the wealthy. Brilliant!

      Report Post »  
    • mbaird
      Posted on April 17, 2012 at 6:51pm

      It will be so nice to have Mitt in the White House showing these congressmen how this all works. He will cut programs and useless government spending and repair our economy faster than Obama has gotten us in this mess. I bet Mitt gets our credit rating back too! We need this businessman in office because he knows how things work and how they can be fixed. Go get em Mitt!!

      Report Post »  
  • altannt
    Posted on April 17, 2012 at 7:53am

    If Buffet payed his taxes it would generate more money than the Buffet Rule. Don‘t forget all the Hollywood Obuma supporters that don’t pay their taxes. WOW

    Report Post »  
  • BehindBlueEyes
    Posted on April 17, 2012 at 7:27am

    This whole Buffet thing is a ruse and fabrication to keep people divided and uninformed about the real problem which is too much government and too much spending. The government has become the largest money laundering system on the planet.

    Report Post » BehindBlueEyes  
  • Continental Patriot
    Posted on April 17, 2012 at 7:25am

    The liberals have no interest in doing anything to stop the debt or reign in spending. If they did, the Democrat congress might have shown more interest in passing this thing called a BUDGET sometime within the last thousand days. They only want to punish top earners so they can keep spending. The Republicans just saved thousands of jobs by stopping this (higher taxes on job creators would end economic growth altogether and people would lose jobs). News flash: companies have a right to make a profit! I’m going to hate seeing Obama characterize this as Republicans protecting the “rich” but that‘s how it’s going to be characterized.

    Report Post » Continental Patriot  
  • ADNIL
    Posted on April 17, 2012 at 7:07am

    Instead of quibbling about raising taxes, why are they not discussing ENDING THE FED and abolishing the income tax all together and switching to government printed, interest free money? You know why.

    Report Post »  
    • TheePolitinator
      Posted on April 17, 2012 at 7:52am

      You mean the fact the Federal Reserve controls all global economies? The one thing in common world wide? The thing most idiots call a conspiracy? The fact the cartel has 160 trillion dollars of money robbed from countries? the fact that the united States is just a front for this criminal activity? We have not been a Nation since Dec 23, 1913 anyone that thinks different is a naive jackass.

      Report Post » TheePolitinator  
    • mama6
      Posted on April 17, 2012 at 8:02am

      I totally agree with ending the Fed, EPA & Dept. of Education. How much money would us tax payers save & we could start paying down the deficit!!!!!

      Report Post »  
  • toomuchgovt
    Posted on April 17, 2012 at 6:57am

    Why doesn’t congress just pass a law to make it easier for people who want to pay more. They could take the list of all those “billionaires” who signed the pledge and send them a special law, just for them, a Flat Tax of 80% of all earning with no “loop holes”. This would solve the problem. The billionaire that want to pay more, would be forced to pay more and the rest of us would be left alone. Buffet could start by paying what he owes and stop the waste of government resources fighting him in court.

    Report Post » toomuchgovt  
  • mikester8888
    Posted on April 17, 2012 at 6:42am

    Obama knew they werent going to pass this. He wasted his time and ours. So he wouldnt be around to answer the question, why did the democratic held Senate vote it out, he goes to Colombia and scopes out a new vacation spot.
    Im so ashamed of this piece of dirt.

    Report Post »  
  • ColoradoMaverick
    Posted on April 17, 2012 at 6:00am

    If I recall, the Democrats control the Senate. I guess they are the “do nothing congress” obama keeps chiding on huh.

    When Obama had 100% control of both houses, why didn’t he pass this?

    I’ll tell you why, he really doesn’t want this tax, it’s just another re-election campaign ploy designed to rile up his idiotic base.

    Report Post » ColoradoMaverick  
  • Hawaii_Conservative
    Posted on April 17, 2012 at 3:27am

    Congress will pass it (Buffet rule) and give themselves a 33% raise, just like they did in 1989-1990.

    Report Post » Hawaii_Conservative  
  • aChameleon
    Posted on April 17, 2012 at 3:26am

    Isn’t their some kind of statute of limitation on the amount of times the same bill can be attempted in congress? Or, can obama just recycle the same old tired legislation through congress every month ?

    Report Post » aChameleon  
  • suz
    Posted on April 17, 2012 at 3:24am

    nothing controversial about it — it‘s a lie about buffet’s percentage and a way for bho to look like he champions poor people which is another lie

    Report Post » suz  
  • Daddymac10
    Posted on April 17, 2012 at 2:37am

    Typical Democrats, wanting to raise taxes so that they can have more money to waste. This show how desperate they are to keep their jobs. It will not work. We’ll have the House, Senate, and White House by February…

    Romney / Bachmann 2012

    Report Post » Daddymac10  
  • lassiegirldawn
    Posted on April 17, 2012 at 2:01am

    The main reason this is wrong is that the politicians voting this in, don‘t pay their tax’s anyway so why should it matter to them.

    Report Post »  
  • Laus Deo
    Posted on April 17, 2012 at 1:52am

    The games these clowns play -instead of actually leading this country to prosperity- are completely despicable. Our representative government, the Circus.

    Report Post » Laus Deo  
    • jujubeebee
      Posted on April 17, 2012 at 2:48am

      Showbiz politics all the way….4 years of showbiz. Their campaign stategy is “perception will be reality”. They appeal to the ignorant vote.

      Report Post »  
  • howardroark1165
    Posted on April 17, 2012 at 1:17am

    I wonder what it would take for a large number of Business Titans and Industrialist’s to Go Galt?

    I wonder how many it would take to for our Dear Leader to realize he killed the golden goose and that the public nipple runneth dry?

    In a micro sense this has happened in New Your when Bloomberg raised taxes to the point where he drove out the high tax payers, and now he sees he’s created a financial disaster.

    Report Post » howardroark1165  
    • encinom
      Posted on April 17, 2012 at 10:39am

      howardroark1165
      Posted on April 17, 2012 at 1:17am
      I wonder what it would take for a large number of Business Titans and Industrialist’s to Go Galt?
      ____________________
      To follow a failed author, who is only considered by fringe groups like Ron Paul supporters, for them to all go insane at once.

      Report Post »  
  • MCDAVE
    Posted on April 17, 2012 at 1:16am

    “PLEASE MR OBAMA RAISE MY TAXES”…Wonder what this old fool has been promised to participate in this nonsense …I used to have some respect for Buffett…his legacy is to have his name associated with a tax increase that will hurt the economy more and cost millions more jobs

    Report Post »  
  • howardroark1165
    Posted on April 17, 2012 at 1:10am

    It would seem that this was a bridge too far for a few Democrats, who I am sure will pay the price a’la Harry Reid for breaking ranks.

    The answer(s) are less spending (as in program elimination) and fewer hand outs (as in fewer people demanding handouts / needing assistance (they are different)), and a larger tax base. To achieve a larger tax base you need more people working (remember the Bush years?), lower tax rates (dare I say flat?) and fewer deductions.

    There will be pain initially, but it takes many miles to turn a tanker (Yea – an OIL tanker).

    Report Post » howardroark1165  
  • Dougral Supports Israel
    Posted on April 17, 2012 at 1:00am

    Obama 2008 campaign theme: It‘s all Bush’s fault.
    Obama 2012 campaign theme after 3 years of failure: It’s not fair!, waaaah wahhh waaahh!

    Report Post »  
    • MCDAVE
      Posted on April 17, 2012 at 1:20am

      OBAMA 2012…..reelect me…I’m not done vacationing yet

      Report Post »  
  • independentvoteril
    Posted on April 17, 2012 at 12:56am

    so there are 6 Democrats who are up for election and thought best NOT to vote for this .. SOUNDS about right..

    Report Post » independentvoteril  
  • jasonsmommy
    Posted on April 17, 2012 at 12:56am

    The “Romney Rule”? Except Romney gets all his money from investments. So the democrats can call it that if they want to tax the rich on their income.

    Report Post »  
    • lassiegirldawn
      Posted on April 17, 2012 at 2:06am

      At least Romney is a smart guy, and earned his money. Think of how he could turn business around for the US, not like we have with Mr. Three Stooge, minus two.

      Report Post »  
  • Apple Bite
    Posted on April 17, 2012 at 12:38am

    Because somebody looked at the numbers being spat at them, and realized, the rule has “Halitosis”. That is, it smells like horse poo in the morning. And you can’t judge everyone based on one scenario or situation of one person…even if its made up! They got away with Obama care using the same kind of reasoning. Thank god we have some adults in the Senate now!

    Report Post » Apple Bite  
  • FloridaFarmGirl
    Posted on April 17, 2012 at 12:32am

    Wasn’t the Buffet Rule where you fight in court for a decade to not pay your taxes? Yep, I thought so. Once the government stops this crazy spending and stealing and Buffet and friends pay “their fair share” then maybe we can talk. On second thought, no more taxes.

    Report Post »  
  • barber2
    Posted on April 17, 2012 at 12:29am

    Oh, blah. blah. blah. Obama has only used this as part of the “ Blame the nasty rich ” rhetoric he thrives on. Since WWII, they knew they could not target a religious group . Best other target to unifying their base ? Those terrible, evil, “ rich ” people…. In todays’s Democrat Lefty world, the evil “ rich ” are always the target. Amazing that “ hate” is now an acceptable commodity…

    Report Post »  
  • The-Monk
    Posted on April 17, 2012 at 12:28am

    What! Harry Reid let a Bill out on the floor to be voted on! Say it ain’t so!

    Report Post » The-Monk  
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