Obama backs high-income surtax but presses for other increases

10/6/2011 | McClatchy Washington Bureau · Accounting Today · Reuters

U.S. President Barack Obama endorsed a proposal by Senate Democrats for a 5.6% surtax on annual income of more than $1 million. The tax would pay for his $447 billion jobs proposal. But Obama said he wants additional tax increases to reduce the long-term budget deficit. Senior executives at Bank of America, Citigroup and Google said they would be happy to pay higher taxes to get the economy back on its feet.

View Full Article in:

McClatchy Washington Bureau · Accounting Today · Reuters

Published in Briefs: