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Obama Backs Senate's Millionaires Tax

Says jobs bill will guard against Europe debt crisis fallout
By Kevin Spak,  Newser Staff
Posted Oct 6, 2011 12:58 PM CDT

(Newser) – President Obama delivered another plea for his jobs bill today, and said he approved of the 5% surtax on millionaires the Senate came up with to pay for it. “I’m fine with the approach they have taken,” Obama said at the press conference, though the New York Times notes he said that more tax reform would be needed to address long-term deficit issues. The surtax would replace a more complex set of tax reforms Obama had put forward.

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Obama said the economy had grown worse this year, in part because of the “debacle” of the debt ceiling debate. “This is not a game,” he said, arguing that “The problems Europe is having right now could have a very real effect on our economy,” and his jobs bill “could help guard against” that. Obama also voiced support for the Occupy Wall Street protesters. “Americans understand that not everybody has been following the rules,” he said. “A lot of folks who aren’t doing the right thing are rewarded." (Read more millionaires stories.)

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