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Reid: 'Richest of rich' to pay more in taxes

Senate Democrats jettisoned Obama’s proposal to raise taxes on families making more than $250,000, raising the threshold to $1 million in an attempt to win more Democratic votes.

Democratic leaders say they want to impose a 5 percent surtax on the tax liability of millionaires, which would raise about $445 billion over 10 years — roughly the cost of Obama’s jobs proposal.

For the latest on the Senate Democrat's tax proposal, click here.