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Senate Rejects Buffett Rule

President Obama was dealt a major blow on Monday afternoon as the Senate rejected his proposed tax bill, christened "the Buffett Rule" for its endorsement by billionaire investor Warren Buffett. The bill would have put a 30 percent tax on the income of millionaires in the U.S. The vote fell mostly along party lines, as Democrats failed to garner bipartisan support for the much-debated tax.