Congress, Tax Rate | featured news

The Senate rejected consideration Monday of the “Buffett rule ,” a key election-year Democratic initiative that would impose a minimum tax rate on those making more than $1 million per year, as a philosophical debate over taxes that will define this year’s elections occurred on Capitol Hill.

The vast majority of tax breaks in the U.S. tax code would be difficult to eliminate because they promote important social goals or are “hugely popular” with voters, according to a new congressional analysis that casts doubt on Republican promises to substantially lower tax rates without increasing budget deficits.