Senate Democrats jettisoned Obama’s proposal to raise taxes on
families making more than $250,000, raising the threshold to $1
million in an attempt to win more Democratic votes.
Democratic leaders say they want to impose a 5 percent surtax on the tax liability of millionaires, which would raise about $445 billion over 10 years — roughly the cost of Obama’s jobs proposal.
For the latest on the Senate Democrat's tax proposal, click here.