Bloomberg News

Obama Says He Is ‘Comfortable’ With Senate Millionaire Tax

October 06, 2011

Oct. 6 (Bloomberg) -- President Barack Obama said he’s “comfortable” with a proposal by Senate Democrats to impose a surtax on people making at least $1 million a year to pay for his jobs plan.

The administration is “open to a variety of ways to pay for” the $447 billion package of tax cuts and spending aimed at spurring hiring, Obama said at a White House news conference. “I’m fine with the approach they’re taking.”

Majority Leader Harry Reid, a Nevada Democrat, said yesterday that the 5 percent tax would generate $450 billion, enough to cover the cost of the administration’s proposal.

To contact the reporter on this story: Hans Nichols in Washington at hnichols2@bloomberg.net

To contact the editor responsible for this story: Joe Sobczyk at jsobczyk@bloomberg.net


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