Dems Propose Tax on Millionaires

Alex Wong / Getty Images

WASHINGTON, DC - OCTOBER 05: U.S. Senate Majority Leader Sen. Harry Reid (D-NV) (L) speaks as Sen. Charles Schumer (D-NY) (R) listens during a news conference October 5, 2011 on Capitol Hill in Washington, DC. Senate Democratic leadership discussed the Obama Jobs Bill at the news conference.

In an attempt to garner Democratic votes for President Obama’s job-creation bill, Senate Democrats have proposed that the measure be paid for by wealthy Americans. Instead of the president’s original plan to compensate for the cost of the bill by ending several tax cuts, the proposal moves to impose an extra 5 percent tax on those making more than $1 million. The likelihood that such a tax would pass, though, is unclear, as it would require at least seven Republican votes.