Senate Republicans this week blocked the passage of President Barack Obama’s plan for raising taxes on the wealthy, even though polls show a majority of GOP respondents support such legislation.

 

The “Paying a Fair Share Act” (aka the Buffett Rule, after billionaire Warren Buffett, who supports to act) would impose a minimum 30% federal tax rate on individuals with adjusted gross incomes exceeding $1 million. The rich would still be able to deduct charitable contributions and certain other taxes from their income tax filings with the Internal Revenue Service.

 

Obama and other Democrats contend the Buffett Rule would help ensure tax fairness by mandating the wealthy pay higher rates than the middle class, which often is not the case now.

 

Democrats also say the proposal could raise as much as $162 billion in new revenue for the government.

 

A CNN/ORC poll found that 72% of Americans support the Buffett Rule. Support among Republicans was 53%, while 90% of Democrats and 69% of independents also liked the idea.

-Noel Brinkerhoff

 

Senate GOP Blocks Buffett Rule Bill (by Jeanne Sahadi, CNNMoney)