Senate Rejects Buffett Rule

Source: AP / CNBC

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 was designed more to win over voters and embarrass senators in close races than to push legislation into law.

A day before Americans’ taxes were due at the Internal Revenue Service, the partisan clash previewed themes that will echo throughout this year’s presidential and congressional election campaigns. But while the two parties competed for the stronger message to voters, one thing was sure — Republicans had enough votes to derail the Democratic bill.

To read this article in its entirety visit CNBC.