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Dems Float Surtax On Millionaires To Pay For Jobs Bill

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Newscom

During the health care debate in 2009, House Democrats backed a similar surtax on millionaires that would have raised over $500 billion over 10 years -- more than enough to pay for Obama's bill. Republicans and conservative Senate Democrats objected, and the measure didn't make the cut in the final bill.

During the tax fight last December, Sen. Chuck Schumer (D-NY) proposed a creating a new millionaires tax bracket, rather than letting the Bush tax cuts expire for income above $250,000. It failed to overcome a filibuster but garnered broad Democratic support. And it also would have more than paid for Obama's jobs bill.

That's why something along these lines seems likely to bring most, if not all, Dems into the fold.

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About The Author

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Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com