President Barack Obama said Thursday he was “comfortable” with the changes made by Senate Democrats in his jobs bill on Wednesday, including a 5.6 percent surtax on millionaires starting in 2013.
The surtax on those earning over $1 million per year would replace the original proposal to raise taxes on households earning over $250,000 a year and limit the amount of their itemized deductions. “The approach that the Senate is taking I’m comfortable with in order to deal with the jobs bill,” Obama said during a news conference. "We’re still going to need to reform this Tax Code to make sure that we’re closing loopholes, closing special-interest tax breaks, making sure that the very simple principle, what we call the Buffett rule, which is that millionaires and billionaires aren’t paying lower tax rates than ordinary families, that that’s in place. So there’s going to be more work to do with respect to making our tax system fair and just and promoting growth. But in terms of the immediate action of getting this jobs bill passed, I’m fine with the approach that they’re taking."
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