Reid Says Democrats to Seek Millionaire Tax in Obama Jobs Plan

Senate Democrats will propose requiring people who earn at least $1 million a year to “contribute more” to pay for President Barack Obama’s job-creation plan, Majority Leader Harry Reid said today.

“The American people believe it is time for millionaires and billionaires to pay their fair share to help this country thrive,” Reid, of Nevada, said on the Senate floor.

Senate Democratic leaders plan a news conference at 11:15 a.m. Washington time to outline their plan. Senator Chuck Schumer, a New York Democrat, last year unsuccessfully pushed an amendment that would have allowed Bush-era tax cuts to expire for millionaires.