Needing 60 votes to stop a filibuster, the Obama administration could only muster 51 and thus failed on the Buffett rule to put a higher tax on millionaires — 30 percent minimum on those making that amount in taxable income, which means a good deal more income for most after deductions and adjustments.
Obama blamed the Republican Party for looking out for the wealthy at the expense of the middle class.
He didn’t mention the one Democrat who joined the Republicans — Sen. Mark Pryor of Arkansas.
Pryor said in a statement he opposed the so-called Buffett rule, after the billionaire who supports a tax increase because his effective tax rate — mostly on unearned income — is higher than that of his secretary and other people whose income comes primarily from wages. Said Pryor:
There is no disputing that the wealthy should pay their fair share in taxes. This inequity should be fixed as part of broad tax reform, not as a political ploy meant to score points. A serious, bipartisan effort to reform the tax code could pass Congress and be signed into law, ensuring that employees no longer write larger checks to Uncle Sam than their CEOs.