Buffett Rule

House Republicans have passed a bill to allow for voluntary contributions on tax forms. While the Treasury already welcomes donations, they typically only receive a few million dollars each year -- far from enough to pay down the deficit.

The Senate yesterday rejected the so-called Warren Buffett Rule, a minimum tax on millionaires. It was a mostly party-line vote: Democrats saying "aye," Republicans "nay."

The Obama administration has been arguing strongly this week for the Buffett Rule, which would raise taxes on those making $1 million a year or more. According to the latest Gallup polls, a majority of Americans are in favor of it.

Traveling in Florida, the president continued to press his case for the proposed tax reform that would require Americans who make more than a million dollars a year to pay 30 percent of their income in federal taxes.