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Tax Wars Kick Off As US Senate Readies Vote on Buffett Rule

WASHINGTON (Dow Jones)–The nation’s tax wars kicked off in earnest on Monday, as Senate Democrats readied a vote on forcing a minimum 30{982ecbb84816c6d9f589e8211ea46f8047ba0a57e5c66df0879b0b268bf06ad5} income tax on ultra-high income earners and Republicans and their allies fired back by warning of higher taxes for all Americans.

With U.S. President Barack Obama leading the charge, Democrats have been framing the issue as a matter of fairness, complaining that people who make more than $1 million a year–like hedge-fund managers–have unfair tax advantages. Republicans cry class warfare, and point to government statistics showing that people making more than $1 million account for a tiny …

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