Reid introduces Democratic tax reform plan

According to a summary of the bill, S. 3412 — expected to be taken up next week — would also put into place an estate tax rate of 45 percent, with a $3.5 million exemption, and extend expansions of the child tax credit and the earned income tax credit.

Republicans have said they want to extend the Bush-tax rates for all income levels and eliminate the estate tax.

The Senate starts back up Wednesday at 9:30 a.m. and will hear floor speeches on Sen. Debbie Stabenow’s Bring Job’s Home Act, which will have a cloture vote Thursday.

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