Instead of the raft of tax changes President Obama proposed
(NEWSER) - Senate Democrats today proposed a 5% surtax on all income above $1 million as a way to pay for President Obama’s jobs bill—throwing out Obama’s more intricate suggestion for eliminating various tax deductions for the wealthy, oil companies, and other businesses. The surtax would hit all income, including dividends and capital gains, and would be enacted permanently, the Wall Street Journal reports. Harry Reid hopes to bring the new bill to the floor next week. More»