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Title: Senate Democrats Propose 5% Surtax on Millionaires Post by: Coach Hank Crisp on October 05, 2011, 03:20:57 PM Quote http://online.wsj.com/article/SB10001424052970203476804576612930412626412.html?mod=WSJ_hp_LEFTTopStories (http://l.yimg.com/bt/api/res/1.2/QTyY9vkN.iR5GG79UFoDCw--/YXBwaWQ9eW5ld3M7Zmk9aW5zZXQ7aD0zMzQ7cT04NTt3PTUxMg--/http://media.zenfs.com/en_us/News/afp.com/128056273.jpg) WASHINGTON—Senate Democrats proposed a 5% surtax on people earning more than $1 million a year to pay for the $447 billion cost of President Barack Obama's job-creation bill, in a move designed to shore up their party's support for the measure. The proposal would replace the range of tax deductions for wealthy people, oil companies and other businesses that the president had proposed to end to offset the cost of the job-creation initiatives in his plan. It's also not clear that the changes would win over all the Democrats who have been opposed to the package. Sen. Joe Manchin (D., W.V.) has voiced objections to the spending portion of the bill, so changing how it is paid for would be unlikely to sway him. Sen. Ben Nelson (D., Neb.) has repeatedly said he would oppose any tax increases given the current economic malaise. |