[ by Melanie Gretchen ] The "Buffett Rule" isn't going to see the light of day anytime soon, after the partisan vote in the Senate left the tax bill short of staying power.  The rule, which would have forced the nation's top earners to pay at least 30% of their income in taxes, drew a 51-45 vote on the Senate floor.  One Republican crossed the aisle and voting for the bill, while one Democrat voted against.. While the numbers provide a 6-vote majority, 60 votes are needed in the Senate to keep the bill alive - i.e., to continue debating the measure. Debate. Sponsored by Sen. Sheldon Whitehouse, (D-RI), the 'Buffett Rule' would have hit a minimum 30% income tax on people making more than $2 million annually and introduced higher taxes for those earning at least $1 million.  It was named after billionaire Warren Buffett, who supported higher taxes on the rich. During the course of the debate, the 2 parties argued over the source of the economy's problems, with Democrats identifying the income gap as something the Democratic bill would address.  Senate Majority Leader Harry Reid, D-Nev., said the gap between the wealthiest Americans and everyone else had grown into a gulf needed to be closed: "They shouldn't be allowed to hide behind tax loopholes that rig the system in their favor." On the other side of the political spectrum, Senate Minority Leader Mitch McConnell, R-Ky., said that not only would the legislation do virtually nothing to fix the economy or stem the federal budget's massive deficits, but it was an attempt by President Obama and his fellow Democrats to mask those problems.  "The problem is, we've got a president who seems more interested in pitting people against each other than he is actually doing what it takes to face these challenges head-on and to solve them in a bipartisan manner." Instead, Republicans will continue to work toward lowering taxes and creating jobs, rather than focusing on what the wealthy pay. Tax War. Toward this end, the issue will continue to play out, as this Thursday, the GOP-run House votes on legislation providing a 20% tax deduction for businesses that employ less than 500 workers, which covered 99.9% of all companies.  Sponsored by House Majority Leader Eric Cantor, R-Va., the proposal is likely to pass in the House, though fail in the Senate. Both the 'Buffett Rule' and Rep. Cantor's proposal would scratch the surface in terms of progress.  The 'Buffett Rule' would have raised $47 billion over a decade toward the $7 trillion in federal deficits expected during that time.  Similarly, the Cantor bill would provide $46 billion in lower taxes among the $100 trillion in U.S. economic activity projected for that period. Nevertheless, going forward, President Obama will continue to press for the bill, saying, "we simply cannot afford to keep spending money on tax cuts that the wealthiest Americans don't need and didn't ask for.  I will continue to push Congress to take steps to not only restore economic security for the middle class and those trying to reach the middle class, but also to create an economy that's built to last." A Man with Conviction! For further details, go to [CNBC, 4/16/12].