From the NY Times:
President Obama said on Thursday that he was “comfortable” with a Senate proposal to pay for his jobs legislation with a tax surcharge on income above $1 million.
“I’m fine with the approach they have taken,” Mr. Obama said when asked at a news conference about the tax proposal put forth by Senate Democrats to cover the $445 billion cost of a jobs proposal that the Senate is expected to take up soon. The bill would, among other features, seek to stimulate the economy by lowering payroll taxes on workers and employers.
Mr. Obama, who previously had suggested paying for the jobs bill by limiting the value of deductions taken by households earning more than $250,000 a year, said the alternative offered by Senate Democrats would also meet his objective of “asking millionaires and billionaires to pay their fair share.”
This is a real “dog bites man” story. Of course he’s comfortable with it. We can’t imagine any plan to take more of other peoples’ money that would make the president uncomfortable.
And let’s note again that Obama and the Democrats (in and out of the media) still haven’t offered any definition of what constitutes a person’s “fair share” of taxation. The working definition seems to be “more”.