NEW YORK ( TheStreet) -- Senate Democrats are suggesting that millionaires foot the bill for President Barack Obama's jobs plan, proposing a 5% surtax on people earning more than $1 million a year. The proposal, which could be presented to the Senate as early as next week, would replace the series of tax deductions for affluent individuals, oil companies and other businesses, according to a Wall Street Journal report. The surtax would affect people with annual earnings of more than $1 million, and would apply to dividends and capital gains as well. The surtax would be effective for 10 years to balance the costs of President Obama's $447 billion bill designed to encourage hiring and support the unemployed. The plan includes infrastructure investments, an extension of unemployment benefits for those who have been out of work for a long time, funding to governments to hire workers for the public sector and tax breaks for certain individuals and businesses. -- Written by Melinda Peer in New York.