Dems Float Surtax On Millionaires To Pay For Jobs Bill

[ProSense]

Dems Float Surtax On Millionaires To Pay For Jobs Bill

Brian Beutler

Seeking to consolidate party support for President Obama's jobs bill, Senate Democrats are considering a proposal to impose a five percent surtax on millionaires to pay for the legislation, according to two party aides.

As currently written, Obama wants the joint Super Committee to increase its deficit reduction target by enough to pay for the whole jobs bill. That way its cost could be offset by spending cuts and revenue measures and other reforms that have bipartisan support. But failing that, Obama's bill would trigger a series of new taxes on wealthy Americans, including oil and gas companies, hedge fund managers and others.

This enforcement mechanism caused some strife in the Democratic caucus. Now, driven by party leadership and Sen. Max Baucus (D-MT), whose powerful Finance Committee has jurisdiction over the jobs bill, they're considering a simpler, less parochial, and thus less divisive measure.

A Senate Dem aide cautioned that nothing's final yet, and the party could ultimately settle on different measures. And there's a history of broad Democratic support for raising taxes on millionaires.

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[flpoljunkie]

1. Whatever. Just pass the damn jobs bill!