From LA Times:
The vote thwarts an election-year effort by the president to slap a new tax rate on those earning more than $1 million a year. Democrats are likely to revive the measure in the months ahead.
Named for Warren Buffett, the billionaire investor who has said he should not enjoy a lower tax rate than his secretary, the Buffett rule would impose a minimum 30% tax rate on annual incomes beyond $1 million. The top income tax rate is now 35%, but many wealthy households pay less because of deductions and lower rates for income that comes from investments rather than earnings.
Nearly three-quarters – 72% – of Americans say they support the idea, according to a CNN survey of 1,015 Americans, including 910 registered voters.
While the proposal was favored more heavily by Democrats (90%), people who make less than $50,000 a year (79%), and people who live in urban areas (79%), a majority of all groups supported it, except for those who identify with the tea party movement and those who consider themselves conservatives.