Democrats in Senate Add Tax Increase for Millionaires to Obama’s Jobs Bill
Senate Democrats amend President Barrack Obama’s jobs bill by adding a 5.6 percent tax on income over $1 million. The proposal will be more likely to be blocked by the Republicans. This new proposal picks up on White House’s lead that suggests that the wealthiest Americans are not paying enough taxes.
The Senate Democrats’ $447 billion package still includes President Obama’s proposals to provide money for teachers, firefighters, unemployed and infrastructure as well as cut payroll taxes. The millionaire tax will be enough to pay for the jobs package so that it would not add to the budget deficit.
The Democrats are hoping that the Republicans would oppose the president’s jobs bill and the higher taxes on millionaires so that they can use it against the Republicans during the next election. The Republicans would be deemed as protectors of the wealthy in expense of the unemployed.
Senate Majority Leader Harry Reid of Nevada said that he plans to bring up for a vote next week even but it would not get the require vote of 60 without the support of the Republicans. It is known that the Republicans would not support tax increases of any kind because it would hurt the weak economy.