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Obama OKs Senate's plan to tax millionaires

Money would go toward paying for jobs bill

President Obama supported the U.S. Senate's proposal to tax millionaires to pay for his jobs bill during a media conference Thursday morning, according to the New York Times.

Senate Democrats want Americans making more than $1 million to pay a 5 percent surcharge on their taxes as a way to cover the costs of the bill, Reuters reports.

The proposal is a departure from his original plan to tax couples with incomes of more than $250,000. President Obama said he was "fine with the approach they have taken," the Times reported.

BBC News added that Obama urged Congress to "think long and hard about what's at stake" before the bill reaches the Senate next week.

President Obama unveiled his $447 billion job plan on Sept. 8 to a joint session of Congress. The plan garnered much criticism from Republicans and the media alike, but Democrats insist this is common sense job legislation that will strengthen the U.S. economy.

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Oct 6, 2011, 1:07 pm
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Senate Democrats want Americans making more than $1 million to pay a 5 percent surcharge on their taxes as a way to cover the costs of the bill, Reuters reports.
That one million amount is per year, not cumulative wealth.

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