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Obama Seeks $1.9 Trillion Tax Rise on Rich, Business
Obama to Raise Taxes on US Millionaires ...
October 4, 2011
Democrats Weigh Millionaire Surtax to Pay for Jobs Bill
Senate Democrats are considering a surtax on millionaires to offset the cost of President Barack Obama's $445 billion jobs bill, several Senate Democratic aides said Tuesday.
The details of how the tax would be structured and the amount of money it would raise, haven't been finalized, aides said. They said that Senate Majority Leader Harry Reid (D., Nev.) had raised it as a possibility during a closed-door meeting with Democratic lawmakers on Tuesday.
The move would be a bid to win more support for the package of initiatives aimed at stimulating private-sector job growth. Republicans have said they oppose the plan, and even some Senate Democrats have been critical of aspects of the plan.
The Obama jobs bill, in its current form, is unlikely to have enough support to move forward in the Senate.
In the House, Republican leaders have largely rejected the plan, although expressed interest in pursuing individual parts of it that enjoy Republican support.
Senate Minority Leader Mitch McConnell (R., Ky.) tried to push for a vote of the plan in its current form on Tuesday, offering it up as an amendment to legislation aimed at taking action against allegations that China is unfairly manipulating its currency value.
But Mr. Reid rejected his attempt largely on procedural grounds, saying he planned to bring forward a vote on the plan in the coming weeks.
In his plan, Mr. Obama would raise taxes and end tax deductions for the wealthy, oil companies and other businesses.
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