The plan by Senate Democrats to tax the rich complements nicely the Obama administrations' jobs bill. I can't help but assume that it is a response to the mass protests growing throughout the country directed at Wall Street. It should be welcomed and fought for by all progressives. Pat Fry

From the Washington Post:
Senate Democrats on Wednesday unveiled an alternative way to pay for nearly all of President Obama’s $447 billion jobs plan: a 5 percent surtax on Americans making more than $1 million a year.

Majority Leader Harry Reid and other top Democrats touted the proposal at an afternoon press conference on the Hill, promising their plan to "have the richest of the rich pay a little more" would raise an estimated $445 billion over the next decade, the New York Times reports.

While that total would pay for nearly all of the proposed jobs package, it appears mostly a bid to appease congressional Democrats who were less than thrilled with the president's original plan and score points with the American public. Or, as Politico puts it, the proposal is an attempted "shift attention away from [the jobs package’s] underlying policies and more towards party politics."

Given the GOP's steadfast opposition to raising taxes, the Senate proposal is unlikely to be received any better by Republicans than the president's original plan.

For those of you who need a refresher on Obama's plan, the Washington Post has got you covered:

The White House’s original jobs plan calls for the 12-member debt reduction “supercommittee” to come up with the nearly half-trillion dollars’ worth of deficit savings necessary to cover the cost of Obama’s proposal. If the supercommittee is unable to find those savings, then the White House plan would pull the “trigger” on a proposal that would generate $467 billion in new revenue over the next decade by closing tax loopholes benefiting oil and gas companies as well as eliminating deductions for individuals earning more than $200,000 and families earning more than $250,000 a year.
The proposal from Senate Democrats would also appear to align with Obama's proposed "Buffett Rule," which is aimed at ensuring that households earning more than $1 million a year pay as much or more than their less wealthy compatriots.

Senate Democrats say that the administration is already onboard with their plan. "We’ve consulted with the White House on this and they’re fine with the idea," New York Democrat Charles Schumer said. "In fact, their pay-fors were a trigger, and the president from the beginning said he welcomes alternative ways of paying for it. We think we have found the best way to pay for it, and we believe this package reflects our priorities and the president’s priorities."