Senate Majority Leader Harry Reid (D-Nev.) announced today that he and his Democratic colleagues in the Senate would put forth a new proposal to pay for President Obama’s American Jobs Act bill. Their latest proposal, which will be released in its entirety by week’s end, places a greater tax burden on people whose income is more than $1 million a year. The version of the proposal outlined by Leader Reid today would have these wealthy individuals forfeit all of their assets and income and join the Occupy Wall Street protesters for a period of at least six months.
“We think that this accomplishes two of our main goals,” said Leader Reid. “First, it provides a mechanism for these millionaires to finally pay their fair share and second, it gives them the opportunity to live on the street amongst those individuals in our society who are suffering as a direct result of their financial misdeeds. We see this as fiscally prudent. And, it provides an element of poetic justice.”
Top Senate aides said that, under the proposal, millionaires would be required to actually live on Wall Street, make signs, and participate in the daily demonstrations conducted by the Occupy Wall Street protestors for a minimum of six months.
Aides went on to say that this was just one of several proposals that Democrats were pursuing to pay for the president’s proposed bill. By looking for alternatives, the Democrats are clearly signalling that they do not have the support of their caucus to pass the bill as it is currently written.
President Obama has asked the congressional super committee to identify another $ half trillion in savings to pay for the jobs measure. This is beyond the $1.2 trillion in spending reductions the committee is chartered with finding in support of the deficit reduction plan.
To pay for the proposal, the White House has recommended limiting itemized deductions for individuals making more than $200,000 a year along with closing certain tax loop-holes and implementing the “Buffett Rule” for an increase in capital gains tax rates.
Senate Majority Leader Harry Reid will introduce his “millionaire’s plan” as an alternative aimed at addressing concerns raised by his caucus with the president’s proposal.
“We believe our “millionaire’s plan” offers financial benefits along with a generous helping of American justice. We think this will be popular with the American people and we believe that these guys will fit right in down there at Occupy Wall Street.”
Dreadmonger will provide updates to the story as they become available.
- Protest time: Support the Occupy Wall Street movement and a new American Spring (thehill.com)
- The most powerful Occupy Wall Street twitpics (cbsnews.com)
- Kristof: ‘Occupy Wall Street’ Needs Clear Goals (littlegreenfootballs.com)