Orrin Hatch
Democrats propose 5.6% surtax on millionairesPosted by RJ and Makay on Oct 07, 2011 |
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Senate democratic leaders yesterday proposed a new 5.6% tax on people that earn more than $1 million a year to fund the cost of President Obama’s $447 billion jobs bill. The millionaire tax would replace an earlier Obama tax proposal to offset the jobs bill cost, and drew fire from both Democrats and Republicans. The earlier tax package had also included limits on upper-income deductions for mortgage interest and charitable contributions.
