Senate Falls Nine Votes Short of Advancing ‘Buffett Rule' Tax Bill

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

Democratic leaders' efforts to pass a phased-in 30 percent tax on income in excess of $1 million per year fall nine votes short, as most Republicans and one Democrat vote to reject an attempt to limit debate and advance the measure. The bill (S. 2230) needed 60 votes to avoid a filibuster and allow it to move toward a final vote in the Senate. The tax would be based on a general principle embraced by President Obama that millionaires should never pay a lower tax rate than their secretaries, known informally as the “Buffett rule” after billionaire Warren Buffett. In a revenue estimate issued just ahead of the vote, the Joint Committee on Taxation says the tax would raise $46.7 billion over 10 years.