Sen. Reid's Proposed Millionaires Tax

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Oct. 21 (Bloomberg) -- President Barack Obama and First Lady Michelle Obama may have to pay $40,773 in additional taxes if Senator Harry Reid's proposed millionaires tax becomes law. Reid proposed a 5.6 percent surtax on income more than $1 million to pay for Obama's $447 billion jobs plan. Bloomberg's Julianna Goldman reports from Washington. (Source: Bloomberg)

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