Congress returns from a two-week spring break today with some big votes on tap. The Democratic-led Senate expects to vote on a “Buffett rule” measure by Sen. Sheldon Whitehouse, D-RI. It would slap a minimum 30% income tax on people making over $2 million a yearly, then phase in higher taxes for those earning at least $1 million. Republicans plan to block the bill, nicknamed for billionaire Warren Buffett, who backs higher taxes on the rich.
On Thursday, the GOP-run House plans a vote on legislation providing a 20% tax deduction for businesses that employ fewer than 500 workers, that’s about 99.9% of all companies. The proposal, sponsored by House Majority Leader Eric Cantor, R-Va., seems certain to pass, but will probably fail in the Senate.
The Buffett rule is clearly popular. Polls show that nearly 2 in 3 favor a 30% tax for those making $1 million annually, including most Democrats and independents and even 4 in 10 Republicans.
In the Senate, Majority Leader Harry Reid, D-NV, has promised to bring legislation to the floor for a vote that would expand credit unions member business loan capacity from 12.25% to 27.5%. S.2231 (Mark Udall, D-UT) is expected to be up for a vote on in the next couple of weeks.