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Level we retain the capability of raising taxes on the wealthy. it's an open question whether they retain that ability or not because it's been 12 years and we've had republicans in office and democrats in office and our institutions have been unable to do that despite rising income inequality, despite heating rhetoric about the need to cut the deficit, they still cannot do it. just so we're clear here, the reason the system can't do it is not because it's unpopular. taxing the rich is one of the most reliably popular things in polling. they found 60% support for it and today on the day of the...

Rule and the bill failing tonight. they called for a vote or the buffet rule today knowing it would never muster the 60 votes needed to pass. >> you probably heard a lot about the buffet rule. it would create an effective tax rate for people making a million dollars or more a year. it would do that to avoid a scenario in an x private bar republican president candidate drawing $20 million a year in capital games, let's call him kit dumbny would pay an efktive tax rate of 14% while middle class pays a tax rate higher than that. that's the buffet rule in a nutshell. it won't solve the deficit. it...

Popular. >> breaking news, the senate voting right now on the buffet rule and the bill failing tonight. they called for a vote or the buffet rule today knowing it would never muster the 60 votes needed to pass. >> you probably heard a lot about the buffet rule. it would create an effective tax rate for people making a million dollars or more a year. it would do that to avoid a scenario in an x private bar republican president candidate drawing $20 million a year in capital games, let's call him kit dumbny would pay an efktive tax rate of 14% while middle class pays a tax rate higher than that....

The last few days as being a kind of gimmick and saying it doesn't fix the deficit. it's true. it is in some ways symbolic. it's more than symbolism. it goes to a core crisis i think this democracy faces right now. that's the question of whether our political institutions can enact into law positions favored by a majority when those majority positions will result in diminished wealth and power for the most wealthy and powerful in society. joining us now is the author of the buffet rule legislation sheldon whitehouse of rhode island. >> good to be with you. >> i'm bummed because i think the pol...

States senate rejected an attempt to end oil industrial subsidie subsidies. it's a true mystery that when deficit scare monogoring rule the way and when nobody likes the oil companies, the democrats have a president in the white house they weren't tiebl pluck this low hanging fruit. i describe this as caper that night because it didn't make sense. oil subsidies aren't good policies. lots of conservatives won't defend them. they're not needed to keep the oil industry live and tlair not popular with the public. something like 74% of americans favor doing away with them. yet, the oil industry is ...