Business & Finance
Obama 'comfortable' with tax on millionaires
WASHINGTON : US President Barack Obama on Thursday said he was "comfortable" with a plan by Senate Democrats to pay for
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Obama had proposed cutting itemized deductions for individuals earning $200,000 and families taking home $250,000 to ensure that the legislation does not inflate the already large deficit.
But Senate Democratic leaders, seeking to unite their caucus amid divisions over the plan, proposed that a better way to pay for the plan would be an extra charge on people earning one million dollars per year.
"We've always said that we would be open to a variety of ways to pay for it," Obama said during a White House news conference.
"The approach that the Senate is taking I'm comfortable with, in order to deal with the jobs bill.
"I'm fine with the approach that they're taking."
Copyright AFP (Agence France-Presse), 2011