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2012-04-10 19:09:39 President Obama Steps Up 'Buffett Rule' Talk

Transcript by http://www.newsy.com BY BLAKE HANSON Tax day is a week-away — but President Obama is looking ahead to a different tax-related deadline. The Senate is set to vote next week on the "Buffett Rule." Here's Fox Business... "President Obama will be in Florida today where he'll call on Congress to approve the 'Buffett Rule' which would boost taxes on this country's millionaires." "Democrats are trying to make an issue of this, they want it on the record of course." The "Buffett Rule" is named after billionaire investor Warren Buffett, who reportedly pays a lower tax rate than his secretary. President Obama touted the plan during this year's State of the Union address. While it was big then — the New York Times says it's a bigger deal now... " ... the potential political appeal of the Buffett Rule is such that a reporter on the White House conference call asked administration officials why they did not just call it the 'Romney Rule.' Mr. Obama first proposed the rule last September, but he and his advisers ... have lately begun emphasizing it anew as they mobilize for the expected race against Mr. Romney." But Politico notes, the GOP has been quick to counter, writing... "Republicans have dismissed the proposal as a crass campaign stunt, because it won't raise much revenue to pay down government debt after three straight years of deficits exceeding $1 trillion." The congressional Joint Committee on Taxation reports the plan would create about $47 billion in revenues over the next decade — contrast that with a deficit for the 2011 fiscal year of $1.3 trillion. (GRAPHIC: The Atlantic) But the rule's economic impact might be a moot point. Writers for McClatchy Newspapers say the bill doesn't have much of a shot anyway. "Democrats hold a slight majority, but it will take 60 senators to pass a procedural vote that ends extended debate. Not all Democrats are expected to support the vote, so the measure is likely to fail." White House spokesman Jay Carney denied trying to score "political points" with the plan, but did admit the Obama administration wants to force Senators to go "on the record".

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