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Obama OKs Senate's plan to tax millionaires

Money would go toward paying for jobs bill

President Obama supported the U.S. Senate's proposal to tax millionaires to pay for his jobs bill during a media conference Thursday morning, according to the New York Times.

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Oct 6, 2011, 1:07 pm
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Senate Democrats want Americans making more than $1 million to pay a 5 percent surcharge on their taxes as a way to cover the costs of the bill, Reuters reports.
That one million amount is per year, not cumulative wealth.

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