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Saturday, April 14, 2012

Buffett Rule: Doomed Congressional Tax Debate May Tilt 2012 Election

WASHINGTON -- Pay attention, America. Democrats and Republicans in Congress each will launch heated, political debates next week on tax bills that will never pass. But they nevertheless could be the most illuminating, consequential showdowns all year.

The tussles will start Monday over the so-called Buffet Rule in the Democratic-led Senate -- a $47 billion tax hike on $1 million-plus earners. That bill will likely fail the next day. Then, over in the GOP-controlled House, will be a $46 billion business tax cut plan. Together, the two bills offer Americans one of the clearest contrasts in the two parties' political platforms and ideologies likely to be seen before the November election.

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