Tax Day sets timing for fight over ‘Buffett Rule’
The top of a form 1040 individual income tax return is seen atop a stack. The deadline for filing taxes this year falls on April 17, 2012.
With the deadline looming for Americans to file their income taxes, Democrats and Republicans in Congress have scheduled votes this week on their competing tax plans.
The Associated Press reports on Monday, the Senate will vote on President Barack Obama’s so-called “Buffett rule,” which would impose at least a 30 percent tax on those earning over $1 million in an attempt to raise taxes on the wealthiest Americans.
Earlier this week, the White House said the measure named after billionaire William Buffett, who backs higher taxes on the rich, would raise $47 billion.
More from GlobalPost: The tax deadline approaches
Treasury Secretary Timothy Geithner, appearing on CBS News' "Face the Nation" on Sunday, called the President's proposal a "balanced" way to grow the economy, "get more people back to work … and bring down our long-term deficits."
On Thursday, the Republican dominated House plans a vote on legislation providing a 20 percent tax deduction for small businesses – those with less than 500 workers.
Economists say neither bill will make a major impact on the economy.
According to the AP, Senate Democrats may hold additional votes later this year that tie bills on job creation and student loans rates to the “Buffett rule.”
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