WASHINGTON (AP) — Struggling to deliver the big jobs package proposed by President Barack Obama, Senate Democrats are using the issue to force Republican senators to vote on tax increases for millionaires, picking up on a White House theme that the nation's wealthiest Americans aren't paying their fair share.
Senate Majority Leader Harry Reid, D-Nev., said Wednesday he is changing Obama's jobs package to add a 5 percent tax on income above $1 million, a proposal that is sure to be blocked by Republicans.
The $447 billion package still includes Obama's proposals to cut payroll taxes and provide money for teachers, firefighters, the unemployed and infrastructure. The tax on millionaires is expected to pay for the package, so it wouldn't add to the budget deficit.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
