FIRST ON CNN: Obama, Dems drop millionaire surtax to pay for payroll tax cut
December 14th, 2011
05:29 PM ET
11 years ago

FIRST ON CNN: Obama, Dems drop millionaire surtax to pay for payroll tax cut

(CNN) - In what would be a major concession, President Obama and Senate Democrats will drop their insistence that a surtax on millionaires pay for extending the payroll tax cut, a Democratic source tells CNN. This would be part of a new Democratic offer.

The move comes after Senate Majority Leader Harry Reid and other top Senate Democrats met with President Obama at the White House earlier today.

Filed under: Congress • President Obama
soundoff (65 Responses)
  1. vic , nashville ,tn

    This is the only reason Obama’s approval ratings are below 50%

    December 14, 2011 09:09 pm at 9:09 pm |
  2. Flabbergasted

    Sucks that the dems have to cave in, but it really is the only political move that makes sense. First they make the GOP look like the corporate shills they are by refusing to even touch the super-wealthy, and then make a compromise to get the middle class the tax break that the GOP are screwing up.

    December 14, 2011 09:11 pm at 9:11 pm |
  3. Steve Jennning

    Four and The Door

    Very good decision by the Democrats. And very good work by the Republicans in congress for holding your ground on this one. I still don't agree with the idea of de-funding Social Security just because it is a convenient way to make nice with a huge majority of voters leading into an election year.

    Four and The Door – you got it backwards. Dems where adding the surtax to the Millionaires so it wouldn't defund Social Security. If I remember correctly it was .7% tax increase. But now it will defund the SS fund unless the republicans figured out some other way to pay for it that I'm on aware of.

    December 14, 2011 09:17 pm at 9:17 pm |
  4. bughunter

    This kind of concession is typical of Dems, and the result par for the course for Congress over the past 30 years: GOP advocates for the rich and for corporations, and does so relentlessly and stubbornly. Dems only pretend to advocate for the poor and middle classes, but fold like a sheet of origami paper. The outcome has been a steady move towards plutocracy, and it shows no sign of letting up.

    December 14, 2011 09:42 pm at 9:42 pm |
  5. kmp

    I am an Obama supporter, but come on stop capitulating to the other side, this is what they want. Stay firm and you will see a dramatic upswing in support. Right now though people think you and Dems are too soft, prove us wrong.

    December 14, 2011 09:50 pm at 9:50 pm |
  6. Dave C.

    Wondering if this is part of an heretofore unmentioned "deal" to strip out Keystone XL all together. . . the whole thing stinks. Why does State Dept get a say in this anyway? Maybe if they agree to cover the thing in solar cells. . . .

    December 14, 2011 10:42 pm at 10:42 pm |
  7. S.B. Stein E.B. NJ

    I say we let the tax cut go if the GOP can't bother to see that putting the tax surcharge on millionaires is needed to maintain the amount going into the Social Security fund. If we can't get the GOP to compromise here than we have lost the country to Grover Norquist (give Grovers everywhere a bad name).

    December 14, 2011 11:00 pm at 11:00 pm |
  8. Pedron

    DEMS DEMS please drop your pants and bend over, I heard over the radio the republican lord Grover Norquist is on the way!!

    December 14, 2011 11:03 pm at 11:03 pm |
  9. Sam

    That's it. I have had it with Obama who cannot stand his ground and lets the GOP walk all over him, from tax cuts for the rich to cutting back on environmental regulations. Is he a Democrat or Republican?

    December 14, 2011 11:13 pm at 11:13 pm |
  10. idesign

    How's that hopey changey thing working out for ya? LOL

    December 15, 2011 12:41 am at 12:41 am |
  11. Marry

    Not a good move, Mr. President!

    December 15, 2011 12:51 am at 12:51 am |
  12. Travis

    Obama has no guts, should have stood his ground on this. If he can't hold firm on a winning issue for the Democrats, he is a pushover and deserves the reaming he'll get next year.

    December 15, 2011 01:16 am at 1:16 am |
  13. Mariah

    Well this is dumb. Wish our Dems would stop caving in so easy! :/

    December 15, 2011 06:54 am at 6:54 am |
  14. Dominican mama 4 Obama

    I don't know the particulars. I don't know the particulars. I don't know the particulars......:(

    December 15, 2011 07:36 am at 7:36 am |
  15. Paula

    What is Obama thinking? Everytime he has an opportunity to force the Republicans into a compromise, he gives in and gives them exactly what they wanted. This really pi$$es me off, to the highest pissivity. Obama is making it harder and harder to vote for him next time around,

    December 15, 2011 07:48 am at 7:48 am |
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