after the vote, president obama released a statement that reads in part, the buffett rule is common sense. one of the fundamental challenges of our time is building an economy where everyone gets a fair shot. everyone does their fair share. and everyone plays by the same rules. senate minority leader, mitch mcconnell said yesterday's vote on the buffett rule was nothing more than political theater. >> we're in a crisis here. and sadly, it's all politics. all the time. for him, it's not about jobs, or the economy, it's about his idea of fairness. about imposing it on others. and if we lose more jobs in the process, oh well. so be it. >> mitt romney also weighed in on the issue of the buffett rule. he did so last night at a tea party event in philadelphia. >> the american people are struggling right now and we have a president that doesn't sem to understand that he's been part of the problem, not part of the solution. and i listen to him, he's got these ideas. his big idea now is this buffett rule. which is that -- someone calculated by the way that the taxes he would raise from his buffett

tell them to pass the buffett rule. going to keep on making this case across the country, because i believe that this rule is consistent with those principals and those valls that have make us this remarkable place where everybody has opportunity. now, each of us is only here because someone somewhere felt responsibility not only for themselves but also for their community and for their country. they felt a responsibility to us, the future generations and now it's our turn to be similarly responsible. now it's turn to preserve that american dream for future generations. i want to thank those of you who are here with me today. i want to appeal to the american people and make sure we keep the pressure on congress to do the right thing. thank you very much, everybody. [ applause ] >> the president surrounded by millionaires and their assistants and many more of them in audience getting applause for his argument for the buffett rule. 30% for anyone who makes $1 million a year, they should be paying the same as middle-class

the buffett rule would only raise... (laughter). the buffett would only raise... really?(laughter) my jimmy buffett joke nothing, the buffett caper joke... (applause). all right. all right. senator thune is pointing out the buffett rule would only raise $47 billion over the next ten years. i mean, that's barely... (laughter). 18.79... why didn't i ever learn to divide by 10? (laughter) anyway, point is, $4.7 billion per year isn't worth the trouble. >> the broader debate about funding for planned parenthood is not just ideological, it's a funding issue. over $300 million a year in taxpayer funds. >> $363 million a year to planned parenthood. that's a lot! (laughter) >> jon: well, there's some new math for you. so let me see if i can get this straight. $47 billion in millionaire's money is less than $300 million dollars in mammograms and birth control. is that what it is? (bleep). (laughter) to no one's surprise, the republicans successfully filibuster it had buffett rule using 45 votes to block it from coming to the floor for a debate. even if they had passed it republica

viewer feedback and this week i want to take the opportunity to clear up some confusion about the buffett rule because we know obama's really been pushing it we've questioned why buffett is pushing it a few times on this show and we've gotten to this topic this week with little rock right now some really appreciate it rain parts for example said luke is insightful explanation of the buffett rule now some weren't buying it first let me play you a shortened version this is very condensed of mr rockwell's argument of why he believes the buffett rule it's pro all a dark and why he believes that's warren buffett's intention take a listen there's no after that warren buffett toxins which is the capital gains tax and i'm not for doing that but the those who argue that it goes after in the income tax of people making a million dollars well look at who are making a million dollars a year are either very successful professionals but for the most part they're young businesspeople who are building their businesses starting to create something that might actually in a free market become a massive enterpris

which is if i die i will come back and only be stronger and the idea is that the buffett rule as a rule doesn't really matter that much what matters is that obama is running to raise taxes and i don't remember the last time a president ran on a campaign to raise taxes so we do something he has to beat the republicans at a political game so what he's doing is he's daring them to vote against a very small tax increase on a part of the country that americans don't have a lot of pity for so that when republicans do vote against the buffett rule he can run against that vote no that i think is where the buffett rule is about and not about any sort of particular important policy right and it's about also the cowardice to really run for raising taxes and defending the size. cost of government which no one really still feels comfortable in doing for a full throated way because most americans don't really necessarily believe that we should pay twenty five percent of g.d.p. for ever if not more on government right so you say we can tax these millionaires in a way that is politically popular

i'll try to get to that but i do want to try to clear out this capital gains issue and how the buffett rule deals with it so first here's warren buffett's original op-ed work he called for this kind of a rule and he said i would raise rates immediately on taxable income in excess of a million dollars including of course dividends and capital gains so he says put them all in there just to be just to be clear on his public statements at least now the version of the buffett rule that the white house has thrown its support behind is this senate bill it's from senator sheldon whitehouse it's called the paying a fair share act which is a proposal for a multimillion dollar earners to pay at least a thirty percent affective tax rate which warren buffett has put his support behind according to senator white house's office warren buffett says i'm delighted to be identified as a supporter of this bill that was in a letter that buffett wrote to white house and to be clear white house's legislation would apply only to taxpayers with income over a million dollars including capital gains and dividends so

president obama is pushing the buffett rule. former president george bush is talking about renaming the bush tax cuts to, and i quote, some other body's name. it's tuesday, april 10th, this is "now." joining me today, jonathan capehart of "the washington post," new york "daily news" columnist s.e. cupp, salon.com editor at large, joan walsh and msnbc political analyst, the man who has forever changed the vice presidential nominating process, john heilemann. rick santorum holding his first event since taking a break from his campaign to go to the hospital for his daughter bela. joining us live from gettysburg with more on that, nbc's ron mott. there's a lot of talk about what is going to happen at 2:00 p.m. fill us in. >> reporter: hey there, alex. good day to you. a lot of talk whether this is the day that rick santorum drops out of the race. the campaign is saying very strongly that he is not dropping out of the race but there are signs in the air perhaps that this may be the end of his campaign. this is a very small room, as y

but the buffett rule would add an extra $50 billion. and here's my question to paul ryan, if he doesn't think it's that significant, if he doesn't think it's going to affect that many multimillionaires and billionaires, then why not come join us and let's have a bipartisan agreement that as part of tax reform going forward, we're going to make sure that people who make over $1 million are not paying less in taxes than hard-working, middle class families who are struggling every day to make ends meet. if it's not that big of a deal, come on, come john us. let's have a bipartisan agreement. i'm sure we could have a nice rose garden signing sarah pal c could be part of. >> we'll keep it going, thank you gene sperling. thanks for joining us today. >>> and up next -- is it decision time for rick santorum? plus, a question of faith. politics and religion, all of that ahead on "andrea mitchell reports."d and his, uh, retement plan. one golden crown. come on frank how long have we known each other? go to e-trade. they got killer tools man. they

complicated how software companies are lobbying to keep it difficult for you to pay up and the buffett rule then one cold joins us to discuss sanctions against iran are we forgetting history underestimating the possible global economic effects and it is stopping cyber spying weeks we're going to talk about the new effort to mobilize against cispa and i'll ask what it really takes to make an internet protest a success we'll have all that have more for you tonight including a dose of happy hour but first take a look at the mainstream media has decided to. write so president obama arrived in colombia this weekend for these summits of the americas to meet with more than thirty other heads of state and thanks to an embarrassing episode of a secret service before the president got there well major media is going crazy. not so secret service issued pesos and presidential polling is the shakedown the white house just wants to go away new fallout this morning on the prostitution scandal rocking the u.s. secret service president obama has made it clear there will be a thorough and rigorous investigat

tell me this, what does the buffett rule -- how do you mandate that someone pay 30% under the buffettobviously, you have to raise, obviously -- >> but the buffett rule doesn't do that. >> i know. you have to raise capital gains taxes. chuck todd, the white house, you have the president's tax returns out. he pays anywhere from 20% to 26% in taxes. >> right. >> are they concerned about that? >> well, they are a little bit except they don't make $1 million a year. the whole point of the buffett rule is it's about people whose income is a million or more. so they would draw that line. but of course -- >> two years ago, they did, chuck. >> on the book royalties. their tax rate is still lower than the -- than what they are advocating and lower for the wealthiest. and so, you know, it is a punch line that he uses in his own speeches when he says, hey, i should be paying a little more in taxes. when he says that. so i don't know if it undercuts per se, but it certainly exemplifies. >> do you expect the president to continue this populist line of attack because of the person he's running again

. >> the buffett rule. >> the buffett rule. >> reporter: the so-called buffett rule would require those making at least $1 million to pay the same as the middle class, 30 percent. buffett said he shouldn't pay a lower rate than his secretary and the american public agrees. a gallup poll just out said that 60% of americans says congress should pass the buffett rule. 37% say it's a bad idea. the president is turning up the volume on the buffett rule because it comes up in the senate monday. despite the president's efforts and public support, it is not expected to pass. >> david kerley in washington, thank you. i want to bring in senior political correspondent, john karl. jon, we heard from the president today, that the push for the president to release tax returns that every candidate should release their own tax returns. when mitt romney's father ran for president, he released 12 years of tax returns, to set an example. here's what his son said about that. >> i agree on my dad with a lot of things but i disagree with a lot of things. i'm putting out two years which is more than anyone el

. >>> buffett rule blocked. senate republicans derail the minimum tax plan for the nation's top earners. >>> and solar stunner -- nasa captures a powerful eruption on the surface of the sun. good morning, everyone, i'm lynn berry, those stories and more are straight ahead. this is "first look" on msnbc. >>> and we're going to begin with a public punishment. there is more fallout this morning from the secret service prostitution scandal in colombia. including details on which agents were involved in hiring those prostitutes. and new reaction from the pentagon. nbc's tracie potts has more. >> as we get more information, it appears there may have been almost as many members of the military involved as the secret service. top security clearance has been revoked for 11 secret service agents accused of hiring prostitutes, while preparing for president obama's visit to colombia last week. lawmakers are concerned about a security breach. >> anybody who has watched a spy movie knows you go in with the girls, you plant th

so the buffett rule is one part. but it is a central part of demonstrating that we're going to build an economy, built to last. and one that has the old fashioned american ethic of fairness. >> but you know where these rates have a disproportionate impact is when it's on capital gains. and neither party wants to go over -- after capital gains and the lower capital gains tax rate. if you're truly -- why not go after capital gains with the same theory you're going after the buffett rule? >> luke, the president, again, has made it really clear that we need to have a broad conversation about reforming the tax codes and the buffett rule is just one measure in that kfgs, and the kind of deep dive we have to do on that front. but it is an intrinsically important one, and it points out the disparities that we have in our society right now. and when you consider that over the course of the last few decades, as billionaires have taken advantage of our code, have hired accountants and lawyers to kind of game the system to their

the so-called buffett rule has no chance in the house. mitch mcconnell said in a written state, "we should be focused on jobs and energy legislation that can pass, not tax hike showvotes designed to fail." republicans think the push for thenate vote is intended to make them look bad. mr. obama raised eyebrows himself when he said it's more than an issue of fairness. >> this is also about growth and being able to make investments we need to succeed. and it's about we as a country being willing to pay for those investments and closing our deficits. >> in fact, the buffett rule would only raise $4 billion a year over the next decade, which wouldn't close our trillion-dollar deficit by much. mitt romney says president obama's math doesn't add up. romney says the buffett rule is more a political statement than deficit reduction tool. diversion from the president's record on the economy. >> we want to divert from that and see if we can't find someone to attack, a scapegoat. >> the likely republican nominee is himself one of the political target

he is the poster child for the buffett rule. for mean, i think the american people don't like handouts. they don't like welfare and they certainly don't like welfare for the rich. i think this is a winning argument for obama, and he is just going to drive it home. the other thing i would say is this vote on monday is going to be a real test. the house republicans voted for the ryan budget. and now, the senate republicans are going to vote to defeat the buffett rule. you add those two together. i think obama takes that all the way. >> in november. bill i am with you 100% but he left off one thing in your litany about mitt romney. his propensity of mentioning all of his friends own nascar or football teams. he is a fan but only his fans own the term. it's a long list. joel let me come back to you. is bill right? is it possible mitt romney is the wrong messager to make an opportunity argument because the romney rule or buffett rule is targeted right at him because of his tax rate last year was so low? >> i don't think so. because,

. >>> buffett rule blocked. senate republicans derail a minimum tax plan for the nation's top earners. >>> and solar stunner. nasa captures a powerful eruption on the surface of the sun. captions paid for by nbc-universal television >>> hello, and good morning. i'm lynn berry. and today we begin with public punishment. the u.s. secret service has revoked top-secret security clearances of all 11 agents and officers accused of misconduct involving wild parties and prostitutes during a presidential mission to colombia over the weekend. nbc's brian mooar has details. >> reporter: several secret service members have had their top-secret security clearances revoked amid questions of what they did in colombia before president obama landed for a summit. some of the agents, officers and members of the military who formed the president's advanced security team are suspected of over-the-top partying and hiring prostitutes. nbc news has learned some of the americans had minute-by-minute plans for the president's visit. >> u

person we start how about the buffett rule right the president has been. back in action this week the buffett rule again and i will crawl what do you think of the job that he's done what do you think of the way that they're trying to roll this back out because i feel it kind of left the news for a little while yeah well i just wonder how it works a lot of because i guess every time i look up on the t.v. this week i feel like he's giving a speech about the buffett rule and then i read about how it's after he's left a ten thousand dollar a plate lunch before he headed to a fifteen thousand dollar a plate dinner so i don't know how that works exactly you go up and say you want to raise people's taxes and then you go to a benefit where they pay for charity event where they will not charge you a fund raising event where they pay fifteen grand to have dinner with you for you to raise their taxes utterly get how that works that makes the law to be made i think it is and then we're not going to when i was out looking to someone i don't know there's a lot of millio

about the buffett rule this week specifically i think you can say coming from republicans. this isn't a solution what's going to raise maybe forty seven billion total and we still have all these holes to fill but it was literally sold as a solution and it was sold as this as this principal right this was right after we saw the occupy movement really start to take center stage and we saw the rhetoric change in washington and by the president and just about this concept of fairness that we're but it shouldn't be paying less than his secretary is so worried about i'll get lost yeah but here's the thing first of all when obama gave his stated aig and he did talk about it as a deficit reducing measure it's only now i feel like more so when it's been revealed that this isn't really going to mean much to the deficit forty six billion dollars over a decade you know it's not a lot when you're running trillion dollar deficits so now the whole line is fairness but here is where i just don't really know why it doesn't just bareness and then maybe when it came to the state of the union

it's called the buffett rule. it would make millionaires pay at least a 30% tax rate, but would it really make a big difference? we'll let you know. [ nadine ] buzzzz, bzzzz, bzzzz, bzzzz, you know, typical alarm clock. i am so glad to get rid of it. just to be able to wake up in the morning on your own. that's a big accomplishment to me. i don't know how much money i need. but i know that whatever i have that's what i'm going to live within. ♪ ♪ got the mirrors all adjusted? you can see everything ok? just stay off the freeways, all right? i don't want you going out on those yet. mmm-hmm. and just leave your phone in your purse. i don't want you texting, all right? daddy...ok! ok, here you go. be careful. thanks dad. call me -- but not while you're driving. ♪ [ dad ] we knew this day was coming. that's why we bought a subaru. ♪ >>> good morning, star shine. >> good morning, washington. what i gorgeous shot of the capital there. doesn't get prettier than that. sun is up. everybody is waking up, and so glad you're

the obama administration has taitd stated its intent is for the buffett rule to replace the existing lternative minimum tax. according to an analysis, replacing the existing a.m.t. with the buffett tax would add nearly $800 billion to the des over the next ten years. it is time for the gimmicks to stop. and time for the senate to get serious about the real tax issues that are facing us. the reality is that would is a $5 trillion tax increase over the next ten years, the largest in history, staring us in the face come next year. if we don't act to extend the lower individual tax rates, the lower rates on capital gains and dividends and other expiring provisions our economy will face a tax increase of over $400 billion just in 2013. allowing the 2001 and 2003 tax rates to expire would be an enormous tax increase on our economy equal to roughly 2.5% of our g.d.p. according to the congressional budget office allowing this tax increase to go into effect would slow g.d.p. growth between .3% and 2.9%. that would mean the loss of at least 300 jobs and would mean the loss of as as many as 2.9

the buffett rule and. i think the public mood at a time when they were when they first introduced it out there let's move on to ben bernanke he said let's go today this conference and basically he was defending with that defending the fed's actions and said in response to how they acted during the crisis the federal reserve's responses to the failure or near failure of a number of systemically critical firms reflected the best of bad options given the absence of a legal framework for winding down such firms in an orderly way in the midst of a crisis a framework we now have. we really have a framework like that i mean i know i think it's still pretty debatable for a lot of people as to whether the fed really chose the best option would do we even have a framework in place to wind down what framework i would like to know whatever framework ben bernanke is talking about i would love to see it because all i ever hear is how there is still no way no credible way to wind down too big to fail banks and these stil

the buffett rule is not about half the country. the buffett rule is not even about the top 1%.t's about even a sliver of the 1%, those are the guys who literally got all the income gains over the last year. >> and continue. >> in a bad economy under obama they're getting all of the income and they're not paying taxes. though top 1% got $250,000 back from the government in these subsidies through tax expenditures. i mean -- it's, they're able to defeat our top tax rates and that's what the buffett rule is all about. >> chris, two numbers that should really explain why people feel this way. in 2010, we came out of the recession. 37% of all the increased income in the whole country went to 15,600 households. 37%. to this tiny little number of households. the bottom 90%, their income fell on average, back to the level of 1966. 1966. you know, china was red, cars didn't have air conditioning. automatic transmissions were not standard. 1966. >> here, let me press you on this. because what you're saying, what i'm hearing is yes the game is rigged. people sense that the game is rigged,

the buffett rule directly applies to them.taxpayers hit by the buffett rule are the small business folks, entrepreneurs looking to hire the job. as for the corporate rate you talk about, it's incorrect to say that the oil and gas people get any special tax provision that isn't applicable to all other businesses. there is a section 199 of the tax code. i think you are well aware of this that applies to all companies. they can depreciate or expense value of things they use in production of whatever they make. oil and gas companies do that, but they only do it at two-third the level of others because we are already socking it to the oil and gas companies. >> greta: go back to the buffett thing. i strayed from buffett and corporate and back and it's confusing but in terms of the buffett, it's unearned income, correct? or is that on millionaires who make that money? is it just millionaires that make the money then it's what we call unearned income. >> that is part of the trick. it's not just on your adjusted gross income like you a

an overwhelming majority of the american people support the buffett rule it's just a basic question of fairness and whether someone who earns in excess of a million dollars a year ought to be paying the same tax rate as as a middle class american there is this is evidence of why it's so important for us to chain. the nature of this in this political system we have so that we have elected officials who do the people's work that's that's why this is also important elected people to do it rather than rather than the work of the right right. as a member of congress what's the environment like when you know some somebody who's got a lot of cash in their profit can basically come to you and say ok i'm going to fund your opponent i mean it seems to me like you know if you're for it and think. well we saw in the last election in two thousand and ten we saw a massive increase in the amount of spending by outside groups now we're at the point where heading into this election everyone knows that at the last minute a week before the election two weeks before the election and that one of these o

the senate voting right now on the buffett rule. senate democrats called for a vote on the so-called buffett rule today. it is one of the president's election year priorities. it calls for people who earn a million dollars in adjusted gross income to pay a minimum tax rate of 30%. now, the left-leaning group moveon.org was chick to jump into the debate. target number one, mitt romney. >> when the wealthiest 1% pay a fair tax rate like the rest of us, it keeps the american dream alive for everyone. so tell mitt romney are cute. 1% fat cats that won't pay their fair share? not so much. >> okay. we did the math, though, and the buffett rule doesn't add up to keeping the american dream alive. it would raise about $4.7 billion a year in revenue. one-half of 1% of $901 million. that's the president's forecasted budget deficit for 2013. already those who earn over $1 million in this country pay a greater share of the income tax burden than everyone earning under $75,000 combined according to the tax foundation n 2009, the most recent data

. >>> buffett rule blocked. senate republicans derail a minimum tax plan for the nation's top earners. >>> and solar stunner. nasa captures a powerful eruption on the surface ofhe sun. captions paid for by nbc-universal television >>> hello, and good morning. welcome to our viewers across the nation, including the pacific time zone. i'm lynn berry, and today, we begin with the public punishment. the u.s. secret service has revoked top-secret security clearances of all 11 agents and officers accused of misconduct involving which agents were involved and coverage from the pentagon. nbc's tracie potts has coverage from washington. tracie, good morning. >> lynn, good morning. no names, but we have a better idea today what those agents were assigned to do down in colombia. as more information rolls in, as this investigation gets under way, we have learned there may have been just as many military members involved as secret service. for now, top security clearance has been revoked for 11 secret service agents accused

chuck schumer of new york called mitt romney the poster child for this and suggested that the buffett rulee known as the romney rule. sign post where we're headed. >> bret: thank you. a lot of this has a familiar ring to it. get perspective from brit hume. good evening. >> hi, bret. there is something almost depressing about president obama's campaign to enact a rinky dink tax increase that will do almost nothing to offset hundreds of billions in deficit spending he contemplates in the years ahead. this is a man who ran as somebody new an different to take us beyond the tired argument of the past to a new era, not of red and blue america but the united states of america. then after shoving his two major initiatives, stimulus spending and obamacare through congress, on purely partisan votes he and his party got a severe rebuke from voters. he could have shifted course, reach out to the political opponents to craft a new bipartisan agenda aimed to sharply cut the deficit. reforming the tax code and boosting the economic growth in ways that would have attracted republican votes. he did not do

the campaign thinks the buffett rule is helping.e, polls suggest rolling back the bush administration upper income tax cut is popular proposal that the republicans oppose. republican thinks there is leftover resentment in that. >> they are less likely to be raised. >> rolling back the upper income bush tax cut would cut the deficit ten times as much as the buffett rule. democrats say it's a fairness issue. republicans say it's another way to kill job growth. >> bret: wendell goler live on the north lawn. thank you. ugly day on wall street. the dow lost 214. the s&p 500 gave back 24. the nasdaq closed 56 behind. fox business network senior washington correspondent peter barnes is here to tell us what is going on. good evening. >> good evening. it was the biggest decline of the year for the dow. and the third triple digit loss in four days. the dow is now down 540 points over five days. about a 4% haircut to the lowest level since early february. after a strong runup in the first quarter. investors renewed concerns about the european