Reid Proposes Surtax

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As we reported last night, Senate Majority Leader Harry Reid (D-NV) proposed a 5% surtax on those earning over $1 million per year in order to pay for President Obama’s American Jobs Act. The proposal would raise $445 billion over 10 years, sufficient to cover the proposed spending in the president’s jobs plan.

Mr. Reid said during the announcement on Wednesday that his proposal would “have the richest of the rich pay a little bit more…for job creation to ensure the country’s economic success.”

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