From BusinessInsider:
Sen. Chuck Schumer (D-NY) said Senate Democrats will put forward a plan to extend the payroll tax cut into 2012 this week paid for by a surtax on those with incomes greater than $1 million.
The tax cut provides the average American family with an extra $1000 in their pocket each year — and President Barack Obama has said failing to extend the tax cut and unemployment benefits would cost the economy 1 million jobs and 0.5% off GDP.
Schumer described the revenue increase on Meet the Press as a “small surtax on incomes over $1 million,” a measure certain to draw opposition from deficit-hawk Republicans opposed to any tax increases.
Schumer added that Democrats would keep introducing the payroll tax cut if it fails this week — but indicated his party is willing to negotiate other “pay-fors” with Republicans if necessary.
Americans for Tax Reform president Grover Norquist said on the same program that he is not opposed to extending the tax cut, but he indicated he would be opposed to a new tax on millionaires to pay for it.
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