On Monday afternoon, the Senate is poised to consider — if only briefly — the so-called Buffett Rule, President Obama’s plan to make sure that millionaires pay at least as much of their income in tax as middle-class Americans. Supporters, however, are not likely to find the 60 votes necessary for the Senate to actually debate the bill.
As with seemingly every proposed tax increase, opponents object that the Buffett Rule will hurt small businesses. “It represents a huge tax increase on job creators,” Representative Paul Ryan, the Wisconsin Republican who leads the House Budget Committee, said on MSNBC’s “Morning Joe” last Tuesday. “About 80 percent of our businesses file their taxes as individuals, so they would get hit by this Buffett Rule. Everybody thinks we’re just going to tax the hedge fund manager and the movie star, what you’re getting is that successful small business.”
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