Reid files cloture on payroll-tax cut bill

The bill also includes a surtax on millionaires,” which applies a 3.25 percent tax on modified adjusted gross income higher than $1 million, or $500,000 for a married individual filing separately. This tax would take effect in 2013.

Sen. Bob Casey Jr. (D-Pa.) is the chief sponsor of the bill, which is also co-sponsored by Reid and Sens. Sherrod Brown (D-Ohio), Robert Menendez (D-N.J.), Charles Schumer (D-N.Y.) and Debbie Stabenow (D-Mich.).

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