10/7/2011

President Barack Obama has endorsed a proposal by Senate Democrats for a 5.6% surtax on annual income of more than $1 million. The tax would pay for his $447 billion jobs proposal. But Obama said he wants additional tax increases to reduce the long-term budget deficit. Senior executives at Bank of America, Citigroup and Google said they would be happy to pay higher taxes to get the economy back on its feet.

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