Sometime today--Monday--the United States Senate will vote on a bill proposed by President Obama. and pushed by Senate Democrats, which would raise much needed revenue by raising taxes on the wealthiest of Americans.
The bill will fail to pass due to Republican opposition.
Known as the "Buffett Rule" legislation, because it was inspired by Warren Buffett, one of the world's richest men, the bill is a tax plan to reduce income inequality between the top one percent of Americans, and the remaining 99 percent. Polls show that 60 percent of Americans favor the bill that Republicans today will reject.
Those affected by the proposed increase would still be paying a lower tax rate than any other time in recent history. But they would be picking up a fairer share of the nation's tax burden.
Republicans say that it is economically unsound to raise taxes on the wealthiest among us because they are the job creators. But leading economists tell us that lower taxes for the richest of Americans is no guarantee of increased job growth. They cite figures for job creation in the decade since the Bush tax cuts were implemented.
Sunday, on CNN, Reince Priebus, Chairman of the Republican National Committee, called the Buffett Rule "a tiny alteration" that would not have a major impact on our economic recovery.
But I believe that most Americans would beg to differ--welcoming any alteration that helps economic recovery.