Millionaire Tax: American Senate Democrats Plan Surtax, People Earning More than $1 Million Pay More

By on Oct 7, 2011 in Business, International, Politics, United States Comments

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American Senate Democrats plan to impose a surtax on people who are earning more than $1 million annually. This was revealed by several international news sites on October 6, 2011.

US President Obama, reportedly has acknowledged the plan and said that the Senate’s millionaire tax plan would raise enough money for his ‘Jobs Bill.’ If passed, the surtax would be implemented in 2013.

Apparently, the millionaire’s tax would allow 5.6% surtax for millionaires and billionaires, based on their gross income. This proposal does not affect those earning below $1 million.

The question however, is whether the millionaire’s surtax would be passed or not, considering the neutral tax favored by the Republicans.

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