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'Buffett rule' dead on arrival?

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    Senate votes for Obama tax proposal

  • Duration 2:38
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Who began a vote on the so called Buffett rule.

Which has become a major component of president Obama's reelection bid if you look Lott the senate floor there chief -- correspondent James Rosen is watching the action.

For us tonight just a few hours before tax day in the engine ran good evening the senate just moments from now is going to be voting on -- -- to shut down debate on whether the Buffett rule should receive a full floor debate and lacking the necessary sixty votes for that that the Democrats need.

The buffet rule would appear once again to be dead on arrival in the senate that follows the ignominious death it has -- suffered multiple times.

In the house.

President Reagan signed into law.

Bipartisan tax reform senate Democrats pressed forward on the Buffett rule even as they acknowledge that the republicans' opposition rendered the prospects for passage slim.

Are -- order against.

They say well it won't -- won't rest of their opposed to it.

Inspired by billionaire investor Warren Buffett who advocates the wealthy pay the same tax rates as their subordinates.

The buffet rule would impose a 30% minimum rate on people earning over two million a year.

And phase in that rate for those clearing at least one million.

Any time the president proposed anti in the path he told us how many jobs.

It would create.

Apparently those days are over nobody's even claiming this thing creates jobs.

The measure senate -- conceded that last point minority -- is absolutely right that the aim of this bill is not to lower the unemployment rate or the price of gasoline.

But argued the windfall over ten years would be too many of -- since you put the 47 billion dollars in revenue into.

Infrastructure.

You could create.

6111000.

Infrastructure jobs.

That is not.

An argument.

About redistribution that is an argument about growth.

While President Obama made another pitch from Latin America Republicans argued for a broader simpler overhaul -- the tax code.

We also need to do is look at why is it that half of the households in America pays zero income tax.

They want to go out and suggests that because maybe a rookie cop for a rookie fire.

Firemen even though they're paying payroll taxes gas taxes that somehow there -- -- -- and fairness.

From a pure policy point of view were happy to.

Have that debate anytime.

Stymied as legislation although the official tallies and in just yet the Buffett rule will now be reincarnated.

As a campaign wedge issue democratic senator.

Chuck Schumer of New York today called Mitt Romney the poster child for this and suggested the Buffett rule could just as well be known as.

The Romney rule.

A sign -- brought us to where we're headed with this.

Our James thank.

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