The White House Office of Management and Budget issued a statement of administration policy voicing “strong support” for the Buffett Rule legislation the Senate is currently debating and set to hold a cloture vote on late Monday.
The Administration believes that S. 2230 would not only make the Nation’s tax system more fair, but will also help the economy by closing inefficient tax shelters and loopholes and by allowing the Nation to continue making the vital investments that strengthen the economy and provide economic security for middle class families. All Americans are being asked to come together to make the sort of shared sacrifices that will allow the Nation to continue making crucial investments in areas that will help the economy grow and create jobs, such as education, research, and infrastructure. In such a time, the Administration believes that continuing to allow some of the wealthiest Americans to use special tax breaks to avoid paying their fair share simply cannot be justified.
Republicans are expected to successfully block cloture, which requires 60 senators. Democrats say they’ll continue pushing the rule whether or not it passes today.