"Buffett Rule" Stalls in the Senate

On April 16, Senate Republicans blocked current consideration of the "Buffett Rule," a proposal that, if enacted, would have imposed a minimum tax rate of 30 percent on anyone with an adjusted gross income of more than a million dollars, no matter the source of that income. The legislation is based on a principle that individuals who earn more than $1 million should never pay a lower effective tax rate than middle-income households.

The bill, officially titled "Paying a Fair Share Act of 2012," required a minimum of 60 votes in the Senate in order for consideration to proceed. The bill had been given little chance of passage by both Senate Republicans and Democrats but was a key component of President Obama's economic growth and deficit-cutting initiatives that he presented to Congress and touted as having the potential to generate $46.7 billion in the period 2012-2022. Although halted for now, the Buffett Rule may be resurrected in the coming months, as it represents