Obama and the Democratic Party have been experimenting with different methods to pay for this jobs plan for months. There have been many proposed ways to produce the half trillion dollars worth of savings necessary to pay for the Obama’s job care. The most recent proposal was to create a supercommittee to come up with ways to get the money. If they were unable to do so, the White House would close tax loopholes to oil and gas companies and would eliminate old deductions for people earning $200,000 and families earning $250,000 a year. This raised huge concerns from the oil companies, and some even complained that the threshold was too low on the families making $250,000 or more.
Lately, however, Schumer introduced an edition, that would let Bush-era tax cuts expire, for everyone but those who earned $1 million or more. This eliminated concerns about angering oil and gas companies, companies that are essential in helping the economy recover. This is hoped to reduce Republican chance to oppose. It is also hoped to draw more Senate approval, because this gives them an alternative that would accomplish the same objective, just in a different way. Finally, Senate Majority Leader Harry Reid promises to bring the jobs measure to the floor before this month is over.
I believe, like many other democrats seem to, that this is a step in the right direction. This might be because my family does not make a million dollars, and I could not even imagine making a million dollars a year. I feel that people that make this much, have enough money to pay a little more in taxes to help the economy, and jobs for the country. I am not sure if this will help the plan to pass, or if it will still go no where soon. However, I believe this is a good way to gain more support.
Want to read the whole thing? Go here: http://www.washingtonpost.com/blogs/2chambers/post/millionaire-surtax-proposed-by-senate-democrats-to-pay-for-obama-jobs-package/2011/10/05/gIQArhenNL_blog.html
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