Senate Democrats Backing Away From Insistence on Millionaire Tax
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Democrats in the U.S. Senate are open to dropping a demand for a surtax on income exceeding $1 million if Republicans abandon efforts to expedite approval of a Canadian oil pipeline, according to a Senate Democratic leadership aide.
The negotiations are part of an effort to extend a payroll tax cut for workers before it expires on Dec. 31. Democrats have proposed covering the cost of an extension by imposing a surtax on high earners, which Republicans oppose. Republicans are pushing for the pipeline as well as relaxed rules on industrial boilers, priorities that most Democrats don’t favor.