The so-called Buffett rule went down in the U.S. Senate Monday. The plan, named for billionaire Warrren Buffett, would have seen millionaires pay a minimum of 30 percent of their income in taxes - an amount that backers said was comparable to rates paid by the middle class.
But the vote, mostly along party lines, received 51 "yea" votes and 45 "no" votes, falling short of the 60 votes needed to overcome a Republican filibuster. Idaho Republican Sens. Mike Crapo and Jim Risch both voted against the measure. Republicans argued that raising taxes on capital gains and dividends would be harmful to investment.
But Democratic leaders said the failure to pass the Senate spoke to larger economic issues facing the United States.
"In many important ways, the United States is departing from its democratic tradition," said Vermont Independent Sen. Bernie Sanders. "And it is moving rapidly into an oligarchic government in which almost all wealth and power reside in the hands of the very richest people in our society."