Senate Kills Wildly Popular Buffett Rule

President Barack Obama and Warren Buffett in t...

President Barack Obama and Warren Buffett in the Oval Office, July 14, 2010. (Photo credit: Wikipedia)

Democrats in the Senate failed to get the sixty votes they needed to move forward with a measure that would set a 30% tax on millionaires and billionaires.

The Buffett Rule, proposed last year by President Barack Obama, grew out of the argument that wealthy people should pay a higher share of their income in taxes than those in the middle class. Its name comes from the fact that billionaire investor Warren Buffett pays a lower effective tax rate than his secretary.

The Senate result was expected; passage in the Republican-controlled House also was unlikely.

The partisan battle has spilled from Capitol Hill to the Presidential campaign trail, with Republican candidate Mitt Romney opposing the measure.

In a CNN/ORC International poll released Monday, 72% said they favor the bill while 27% oppose it.

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