The Senate rejected the so-called Buffett Rule on Monday evening. Fifty-one senators voted in favor the tax increase on high-income owners, officially called the Paying A Fair Share Act, while 45 voted against it. But the Buffett Rule failed to get the necessary 60 votes to invoke cloture and end debate on the bill, effectively killing the rule’s chances of passing the Senate.

Only one Republican, Susan Collins of Maine, voted in favor of the Buffett Rule, while Mark Pryor of Arkansas was the only Democrat to join the Republicans in voting against it. Four senators did not vote. The Buffett Rule would have set the minimum tax rate for those making more than $1 million in annual income at 30 percent.

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