Obama's 'Buffett Rule' on tax-India News and Travel Times Provides India-centric and other News and Features

The US Senate has blocked President Barack Obama's 'Buffett Rule', an initiative designed to put a minimum 30-percent tax on millionaires. Democrats failed to acquire the 60 votes needed in the 100-member Senate for the bill to be passed. Fifty-one senators voted for the bill, while 45 senators voted against, effectively killing the bill The bill was aimed at getting more tax revenues from the wealthy, The Telegraph reports. Obama and congressional Republicans are squaring off over tax hikes for millionaires, and a Republican plan to reduce tax for businesses. However, slight changes to tax policy could be expected before the November 6 election. Obama and his fellow Democrats have argued that raising taxes on the rich would help reduce deficits and bring more fairness to the tax code. Republicans, however, said that the Buffett measure would do nothing to solve the larger problem of deficits and unemployment. They are expected to debate and likely approve a bill to give a one-year, 20-percent tax deduction on business income to owners of businesses with fewer than 500 employees. However, Democrats have said that the legislation will add to already huge budget deficits, since Republicans did not include any measures to offset the 46 billion dollar revenue loss. The battle over taxes has been escalating for weeks with the White House XXXXXXXXXXXX

Senate blocks Obama's 'Buffett Rule' aiming to put 30 percent tax on millionaires