Deal pushes 'millionaire's surtax' plan back to 2013
October 5th, 2011
10:00 PM ET
8 years ago

Deal pushes 'millionaire's surtax' plan back to 2013

Washington (CNN) - The White House and Senate Democrats have agreed to push the effective date of a proposed "millionaire's surtax" back a year to January 2013 and to slightly raise the rate, White House and congressional sources told CNN on Wednesday.

A 5% surtax on Americans earning $1 million or more per year - proposed by Senate Majority Leader Harry Reid, D-Nevada, as a means of funding President Barack Obama's $447 billion jobs bill - had been planned to take effect in January 2012. Under the new agreement, the surtax would be 5.6%, a Senate Democratic leadership aide told CNN.


Filed under: Harry Reid • Jobs • President Obama • Senate Democrats
soundoff (9 Responses)
  1. darko

    LOL, how convenient! No way would they raise taxes before an election. Obama's 'jobs' bill is a joke. We don't need more Solyndra's taking up tax payers money than would otherwise be put to more useful things.

    October 5, 2011 10:39 pm at 10:39 pm |
  2. Four and The Door

    Looks like Obama and Reid are yearning for the days when they could actually pull off a scam like this. Thank goodness American voters showed up in 2010 and John Boehner get's to tell them now where to stick their free-spending tax-increasing ideology. No thank you on the 'jobs' bill. Been there done that. It wouldn't work any better second time around.

    October 5, 2011 11:07 pm at 11:07 pm |
  3. Democrat Class Warfare - Destroying the economy, destroying the country

    Sorry socialist Democrats... No more money for you to flush down the toilet and give to your union supporters so they can finance your campaign. This was all tried two years ago when you promised it would keep unemployment below 8% and it rose above 10% before settling at 9.1%. You are simply using as yet another opportunity to spend money on your favorite supporters and then joke about no such thing as a shovel ready job.

    The Demorcats and Obama are total incompetents and need to be thrown out in 2012 if this economy is to EVER recover.

    October 6, 2011 12:23 am at 12:23 am |
  4. Shnook65

    2013??? 2013!!! Well, since Obama you were pushing for millionaires to pay their fair share and help bail out America now now now, then why not capitulate to your own party and push your own crap back to 2013 instead? Hey, its the great recession- let's push needed leveling of the playing field back to 2032 or later, doy! Thanks Obama, we'll just wait eternally for your balls to fill in and help your teetering country!

    October 6, 2011 12:37 am at 12:37 am |
  5. "The GOP biggest deception is getting the Poor and Middle class to believe they are out to help them"

    See this is the problem with the Democrats, stop with the dancing around crap!!! The American People have all agreed that folks that make more should pay more so, why is Reid dancing with this surtax crap!!! Implement what the President wants and stop playing, if the Republican resist put it on them!!! Good grief. He has no idea of how to play the game!!! When he and fellow Congressional Democrats had the majority they played this same stuff when it came to passing legislature!!! When you have the backing of the People do what they want and move on!!! I don't understand why that concept is so hard for those politician on the Hill to understand!!! Maybe it is time for America to have its on Spring up rising!!

    October 6, 2011 03:54 am at 3:54 am |
  6. Marie MD

    2013????????????????????? What's wrong with now. We need it now!!!!!!!!!!!!!!!!!
    Part of the 99%

    October 6, 2011 06:17 am at 6:17 am |
  7. Name king

    Lesson we need the taxes now, big corporations need it now, big companies thinks that if they are putting or investing money into one small area by extra taxes, they know there will be a lot of multi-billion corporations doing the same thing, there will be a lot of money going into one little small area. Hey let them put on their fighting gloves and go slug it out to get the biggest piece of that money pie as possible. Hey at the same time we would be modernizing our country to compete with china, win win win.

    October 6, 2011 07:07 am at 7:07 am |
  8. Wall Street Crime Victim

    Just pass the tax, and the jobs bill. Stop blocking progress you GOBPbaggers. Two thirds of the country supports this!

    October 6, 2011 07:23 am at 7:23 am |
  9. A True Centrist

    ""It satisfied our caucus' desire to for this surtax on millionaires to pay for (the jobs plan) and is consistent with the president saying no tax increases in 2012," the aide said."

    Up until now, the Dems haven't had the votes within their own party to pass Obama's bill in the Senate. I know Obama only references the Republicans, but he can't even get his own party to sign on. Does the above sentence mean they now have the votes...will they actually bring the bill to the floor for debate and a vote?

    October 6, 2011 07:26 am at 7:26 am |