CHARLESTON, W.Va. -- Sen. Joe Manchin said Monday he voted in favor of the so-called "Buffett Rule" because he believes it would make the tax code fairer.
Manchin, D-W.Va., voted in favor of the rule, which would set a minimum tax rate of 30 percent on people earning more than $1 million a year. The Senate defeated the bill late Monday, which is formally called the Paying a Fair Share Act.
Only Sen. Susan Collins, R-Maine, and Sen. Mark Pryor, D-Ark., crossed party lines on the largely symbolic vote, leaving Democrats short of the 60 votes needed to advance it.
"I have been totally committed to revamping our tax code to put fairness into it and so everyone is playing by the same rules," Manchin said during a telephone interview Monday.
Warren Buffett, one of the richest individuals in the world, has repeatedly said people like himself should not have lower tax rates than their secretaries.
"I agree wholeheartedly with the Buffett Rule. But because of the politics we have in Washington, it will probably not pass," Manchin said.
"But people are speaking loud and clear, saying, 'We want fairness in the system.'"
Manchin said people on both the left and right ends of the political spectrum are upset about taxes.