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BY EMILY SPAIN
 
You're watching multisource polictial news analysis from Newsy.

It’s no secret the White House needs more cash.
But now -- it’s looking to the nation’s richest for help.
Senate Democratic leaders proposed a 5 percent surtax on those making more than $1 million Wednesday to pay for Obama’s jobs bill.

According to MSNBC, Republicans actually tried to push a vote on Obama’s original jobs bill Tuesday, but it was Democrats who said no way.
Here’s MSNBC.

“We're hearing from Republicans in the house that there are pieces of the president's plan that they do believe have value and merit consideration and should be voted on, kind of as mini chunks of it, but not in total. The president's got a lot of work to do here to change any minds, especially among fellow Democrats.”

The new proposal - the 5% surtax for millionaires - would replace what Obama had originally proposed to pay for his jobs bill - higher taxes on family incomes exceeding $250,000 and on oil and gas companies.

If you ask Senate Majority Leader Harry Reid -- the proposal is be one thing all parties can agree on.

“It’s interesting to note Independents, Democrats and Republicans and even the tea party agreed it’s time for millionaires and billionaires to pay their fair share.

But Fox News Business disagrees, reporting that Republicans think otherwise.

“Republicans say that is not so...” and, “We can work with the president and Democrats to create a better environment for job creation. That should be our focus, not tax hike gimmicks flooding to cover divisions within the democratic caucus.”

Reid will need at least seven Republicans to vote in favor of it just to start debate on the legislation. This is on top of persuading all Democrats -- which The Wall Street Journal notes is another challenge.

“Sen. Joe Manchin (D., W.V.) has voiced objections to the spending portion of the bill, so changing how it is paid for would be unlikely to sway him. Sen. Ben Nelson (D., Neb.) has repeatedly said he would oppose any tax increases given the current economic malaise.”

The tax would raise around $450 billion over the next decade
Reid plans to bring Obama’s jobs plan to the floor in the next few days for the first votes.

Transcript by Newsy.

Politics News: Senate Tax Debate

Senate Democrats Want Millionaires to Pay for Jobs Bill

October 6, 2011
(2:08)
Senate Democratic leaders proposed a 5% surtax for those making more than $1 million Wednesday to pay for Obama’s jobs bill.
   
TRANSCRIPT

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