Democrats raise tax hike threshold to $1 million
Senate Democrats, divided over how to pay for President Obama’s jobs plan, Wednesday tossed out the White House tax proposals and replaced them with one of their own: a tax increase on millionaires.
Obama’s plan to increase taxes on individuals earning more than $200,000 and joint filers making more than $250,000 was highly unpopular among some Democrats.
“Many of them are not rich,” said Sen. Chuck Schumer, D-N.Y. In many areas of the United States, he added, such an income “does not get you a big home or lots of vacations or anything else that’s associated with wealth in America.”
Obama’s $447 billion proposal still faces huge trouble in the Democratic-run Senate, where it’s expected to be considered next week. Sixty votes are needed to cut off extended debate, and Democrats control 53 of the 100 seats…