Congress, Buffett Tax | 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.

President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.