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Democrats to target millionaires with tax legislation

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Democrats in the Senate are gearing up legislation that will offset proposed spending cuts to federal agencies and the Pentagon, with a focus on imposing taxes on million-dollar earners.

The Associated Press reports that the bill, to be announced Thursday, will set a minimum tax rate on those who earn at least a million dollars, at the same time cutting farm subsidies substantially. The bill comes as a Democratic answer to the automatic cuts that are set to take place in two weeks.

Republicans are already lining up to oppose the bill, the AP says. They aren't on board with anything that brings new tax increases, AP reports.

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