Stephen Moore explains: Media reports in recent weeks say that Senate Democrats are considering a 3% surtax on income over $1 million to raise federal revenues. This would come on top of the higher income tax rates that President Obama has already proposed through the cancellation of the Bush era tax-rate reductions. If the Democrats s more than double the highest federal marginal rate of 28% when President Reagan left office in 1989. Welcome back to the 1970s. Click here to read more.
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