harry reid narrowed the focus to one tax proposal for people with net taxable incomes over $1 millione reid proposal adds a 5.6% surtax on all income above $1 million, including, this is very important, it includes capital gains income which is taxed at a much lower rate than ordinary income. it is a sensible and practical attempt to close the gap between the low capital gains tax rates billionaires pay and the higher hold it right here at $1 million? no one would make that choice. no one has ever made that choice. the brilliance of this surtax is that it goes where the money is. plenty of money. a wild excess of money that is capable of absorbing this very, very small additional tax responsibility without anyone who earned that kind of money ever noticing that they're sending in a little bit more to the federal government. 5.6% more only on incomes over $1 million. and that is all we need to pay for president obama's entire american jobs act. 89 days ago the senate took its first important step toward tax justice. on a sense of the senate resolution, sense of the senate resolutions a

harry reid narrowed the focus to one tax proposal for people with net taxable incomes over $1 millionreid proposal adds a 5.6% surtax on all income above $1 million, including, this is very important, it includes capital gains income which is taxed at a much lower rate than ordinary income. it is a sensible and practical attempt to close the gap between the low capital gains tax rates billionaires pay and the higher income tax rates that working middle class families pay. now, let's just think about how much money this is. if you make $1 million, nothing happens to your taxes. if you make $1,100,000, you will pay an additional $5,600 in federal income tax. so a person making $1 million a year, nothing. no change. don't have to pay anything more. a person making $1,100,000 would pay an additional $5,600 in federal income tax. a person making $2 million would pay an additional $56,000 in federal income tax only on that second million dollars of income. the first million dollars of income would still be taxed exactly as it is today. at 35%. if you were making $1 million and you had a cha

this is harry reid, this week, the democrats did something that i was shocked by.hey invoked a nuclear option to the senate and this is harry reid, six years ago. >> this chamber, there was no check on their power radical right wpg will be free to pursue whatever they want. >> six years ago harry reid minority leader, said when the republicans were talking-- they never did it, that they talked about bringing in the nuclear option which would be that they would change the rules by which you could end a filibuster, a simple majority versus 60 votes which it historically has been. he was dead set against it, thursday night he actually pushed the button, that red button nuclear option. isn't that hypocrisy? >> i would say it is hypocrisy, let's look at larger context. mcconnell played dirty parliamentary pool and harry reid looked at this aen said the stakes are so high we're going to have to respond in a similar fashion. if you want to talk about what's going on here, you have to talk about what the republicans did first and how he's trying to save passage of the jobs

share. >>> and speaking of getting the government to do something, i want to go to a piece of tape, harry reid, he said something that i was shocked by. they envoked the nuclear option of the senate. this is harry reed reetedment >> no check on the power. but radical right wing would be free to pursue any agenda they want. >> six years ago harry reid who was minority leader. they never did it but they talked about bringing in the nuclear option which would be they would change the rules to end the filibuster and simple 60s. he was dead set against it. thursday night he pushed the button that red button nuclear option. isn't that hipock chrisy. >> it is, but look at the larger context. mcconnell tried to put forward a voto the jobs bill and wouldn't allow for amendments and harry reid looked at it and said the stakes are so high we have to respond in a similar fashion. if you want to talk about what is going on here, you have to talk about what the republicans did first. >> the republicans, six years ago carolyn. the supreme court nominee is a bigger deal than the president's jobs bill when it

what we do in a democracy. >> have a vote, harry reid.republicans' plan, have a vote on that. you've been in charge of that how long and have you brought a jobs plan to the floor? no. 888 days without a budget because of the democrats. >> we're not going to move forward. i want to change the subject as we close. look at the latest polling in the race. governor perry came down and herman cain the businessman came up. romney, 25%, cain at 16%, perry at 16%. when you're doing better in the polls, you try to get even more of a bounce. you do things like go on "the view." >> you're an associate pastor at your church. are you going to separate that from you have to run a country with a lot of people with a lot of different beliefs. >> i will base my decision based on the cushion onstitution of t united states of america. that's what the president has a responsibility to do. >> that's what obama said, too. >> we saw him on "the view," a whole bunch of other interviews. is this lasting or is this just his 15 minutes? >> i'm starting to wonder he'

you can bet that harry reid does not want to lose that senate. obama's approval rating headed to 40% and we're getting to a point among the democrats and president, it's every man for himself and at some point you know that the president is going to start running to save his seat and harry reid is going to do what he's got to do to save his moderate democrats in the senate. >> and the democrats put together the millionaire sur tax because he they thought it might scare up republicans to vote for it. it didn't work, why not? >> it's not a popular plan on its own. i should say a lot of people like the idea of taxing millionaires more, but what the president needed to do here is combine that with some kind of serious, perhaps entitlement reform, deficit reduction, something to grow the economy. you needed something beyond let's hit millionaires, you need to give people an idea that you've actually got a strategy for growth. what that would take is talking to members of congress, not in an address, not through press conferences, not from across the c

. >>> senate democrats led by harry reid are seeking a millionaire tax to fund the president's jobs bill. a break with the white house, whose proposal includes a tax hike for families earning more than $250,000. the new democratic plan would raise about $445 billion over ten years by imposing a 5% surtax on million-dollar earners. the tax will only apply to wealth accrued above that level, including capital gains and inheritance. a smart political move that has no chance of moving through the republican-controlled house, but

senate majority leader harry reid plans to make republicans vote on a bill to fund teachers, police officers, firefighters, before the end of this week. now, minority leader mitch mcconnell is warning harry not to do it. >> they are actually designing legislation to fail on the other side so they will have someone with else to blame for the economy 13 months from now. >> give us a break, mcconnell. mcconnell is whining about the democrats putting a measly -- get this, a .5% tax on people making over a million dollars and above to pay for the bill. the first million dollars if you are in that category you are not going to get taxed at all. the first dollar past a million it is .5%. mitch is bent out of shape because harry reid said republicans want the economy to fail. >> my friend, the majority leader is out there telling republicans are rooting for the economy to fail. nothing could be further from the truth. look, if republicans wanted the economy to fail, we'd all line up behind the president's economic policies rather than opposing them because they haven't solved the jobs crisis. we hav

he didn't come out and say i can't get harry reid to do what i want. this is a very partisan. by the way, the white house says this isn't an official visit. it's not a political visit it's a official visit. >> greta: this one. >> not campaign it's official visit. >> problem here that harry reid is taking things into his own hands. remember there was a point in the fight other the debt ceiling where harry reid and mitch mcconnell said to the white house okay, guys, you get out of, this we'll take care of it, now harry reid has done the same thing with this jobs bill saying i know you would like it passed in one piece, mr. president, we're going to cut it up in pieces. we're going to change the way we fund it we're going to make these changes and then we will get it done. they are really in charge here. >> greta: i thought last week we he had ed henry getting slapped around a little bit saying are you the governor romney spokesperson and then today white house press secretary making comment not having a jobs plan. whether you like the jobs plan i know senator bachmann had one la

harry reid has to double down and say, not right now but later. it muddies the message.nd i think, you know, speaks to a caucus that's, if not in disarray, there's a lot of -- people are unsure, i think, as to what they want to do with the jobs act and sort of where the president is and how need to play themselves against him. >> what's interesting, right, is if you go -- there's a really good piece in the "new york" magazine about eric cantor and one of the points he makes in that is talks about cantor being the mastermind being republican unity in opposition to the recovery act. this was eight days after the president was elected with the huge electoral majority. it was sort of shocking. in some ways the lesson you learn from that is unity confers its own advantages, right? that if the democrats would unify around this bill that produces sort of increasing gains, politically, which they seem incapable of actually understanding. >> yeah, but i think that's a testament to the weakened power of the president right now. there's some sense there's blood in the water and tha

here's what harry reid had to say just a short while ago on the floor.mocrats have listened to the american people and they have been very, very clear. the american people believe it's time for millionaires and billionaires to pay their fair share to help this country thrive. >> reporter: so you hear him mention millionaires and billionaires in that statement there, chris. now, white house officials say, look, they are open to any changes that congress wants to make to the plan as long as it pays for the american jobs act and ensures that everyone pays their fair share, but the question is will this only further alienate republicans. as you know, chris, they have staunchly said that they're not going to support anything that increases taxes on americans. >> and it seems like nothing gets done there unless they're really under the gun. the president wants this done this month. what is it, october 5th. is that realistic? >> reporter: you know, it's interesting, chris. that's right, the president called on congress to get something passed by the end of the

only bill that harry reid may have in the future.o the next time you hear the president say pass it now, well, maybe we ought to ask harry reid. >> sean: it seems the democrats wanted to put together some face saving measure for the president. so it's still going to be a variation of raising taxes and talking about a surtax on the rel think in the country. on top of it the president city wants to spend money. what happened to nearly i trillion dollars we gave the president? >> as you know when i read the liberals it wasn't big enough. i thought that is what you and i believed. the fact it's more of the same. by the way, rand paul and i with the blessing of the leadership are working on jobs bill that can truly be a jobs bill that would be deregulatory, cut taxes and encourage that money to come home and be spent in the united states and a lot of other provisions that would restrain the epa and regulations. we're working on an alternative. we hope to have it soon. the jobs bill is just more of the same. >> sean: i've been advocating t

back in the senate harry reid said the top priority for his party is to create jobs and offered this explanation regarding of obama administration's focus on city and state workers. >> massive layoffs we've had in america today have -- of course, are rooted in the last administration and it's very clear that private sector jobs have been doing just fine. it's the public sector where we lost huge numbers and that's what it's all about. >> reid says he will schedule a vote on the first piece for tomorrow. >>> overseas secretary of state hillary clinton is making a surprise visit to afghanistan. secretary clinton met with afghan president hamid karzai calling for a reality check. on the way forward in afghanistan and encouraging the country's leadership to once again reach out to the taliban for reconciliation. secretary clinton's trip comes just a month after the assassination of former president rabbani by taliban bombers. the secretary of state is drawing a harder line on peace efforts between afghanistan and pakistan calling for a partnership with the u.s. against insurgents. clinto

my friend, harry reid, hung on on me the other day for the first time in 40 years, that is what it has come to. i supported a democratic congresswoman and i called her during obamacare, and i said, what are you doing? how do you do this? this is killing the unions and us who are supplying health care to employees and she said to me "i know it is terrible, my husband is a doctor, he hates it, too, but if i don't vote for it, she will punish me," and "she" being nancy pelosi. and i said every politician that has sold out their does it wasn't has had a lame, terrible rationalization like this. don't ever call me again. she said i am sorry you disappointed me i still love you. we ended the conversation. that is politics if america. if any businessman or working person doesn't understand this is a turning point in american history i'm afraid we will get what we deserve. >>neil: steve wynn coming out winding them and the fallout and backdrop of the president in nevada tonight. we have pat caddell with us. this is a must win state. >>guest: he needs it desperately but the problem is the high

clear that's the hurdle that he really is over this is the harry truman strategy on steroids but harry reid harry truman everybody you know i mean the chicago paper. moses corazon . son at the time they do wins but it was a tie it was a squeaker i guess is the bottom and we'll see how it plays out jim dean i'm curious from you the in the occupying main encampment over the weekend. a couple of couple of dozen demonstrators are basically living there in the towns and somebody rolled a bomb into it into their kitchen it was in a gate or a bottle and it actually exploded this was the first terrorist incident that the occupy wall street or the ninety nine percent movement has experienced and it's been singularly i mean i read about it on the radio today for three hours but it seems to be largely in singularly absent from the news media i didn't see anything tonight. if this had happened at a tea party rally what would we be seen. we'd be seeing headlines all over the place but here's the good news tom i think the mainstream media is finally getting this a little bit in a way that they hadn't got

. >> then harry reid used the so-called nuclear option to block a potentially embarrassing vote.s that decision could come back to bite -- bite em. he's here at the top of the hour. [ male announcer ] cranberry juice? wake up! ♪ that's good morning, veggie style. hmmm [ male announcer ] for half the calories -- plus veggie nutrition. could've had a v8. you noticed! these clothes are too big, so i'm donating them. how'd you do it? eating right, whole grain. [ female announcer ] people who choose more whole grain tend to weigh less than those who don't. multigrain cheerios... five whole grains, 110 calories. >> welcome back, everyone. mitt romney's mormon faith in the spotlight after texas pastor robert jeffers called the religion a cult. what exactly do mormons believe? here to separate fact from fiction, author of "mormons believe what" gary, welcome. >> good morning. >> let's start out with what that pastor said, he said he believes mormons belong to a cult, how would you answer that accusation? >> that's an unfortunate choice of words. in the religious circles, the c word, i wo

harry reid today. >> very clear that private sector jobs are doing fine but it is the public sector jobs we have lost huge numbers and that is what this legislation is all about. >>neil: we lost 2.5 million over the last couple of years. >> we have lost millions of jobs and the president's stimulus plan all it did was, you know, prop up government jobs at the state level temporarily for a couple of years and now they want more money to prop up the same government jobs for another year but they want to add taxes, so, they just don't understand what is going on and it is very frustrating to be here and see the president talking about a jobs plan which is, really, a tax and spend plan which didn't work the first time and it is not going to work this time. >>neil: we tried to get the help of the democratic counsel trying to urge democrats to embrace for want of a better term, senator, this occupy wall street crowd message and movement but you are a good student of history and you know on either side that can be grabbing the tiger by the taylor, what do you make of that? i have met the protes

so why is harry reid, bringing the jobs bill up for a vote? is something going on? mitch mcconnell goes on the record. but first, the protests, they're getting bigger and louder. now it's spreading way beyond wall street. >> bank of america...: >> down, down, with the -- [inaudible] >> from new york to los angeles and even to our nation's capitol, protesters are taking their frustrations with corporate america to the streets of more than 100 cities. police have arrested more than 800 people and today, president obama acknowledged the growing up on wall street movement. charles is here. charles, your thoughts on the protests? what are they upset about? >> reporter: well, it's hard to know because, you know, greta, when you listen to these folks. i have done some reporting and writing on t. you listen to them, it's a barely coherent message. they say they don't like wall street. they don't articulate why. they don't say what the solution is. if you listen to them, how do we get out of this? there is no solution. this is a major venting of anger from kids, many of them

and that was blocked by the senate democratic leader harry reid. the question really, i guess, remains does the president really want this voted on? and are the democrats in the senate who are willing to vote for the president's bill? >> but isn't the onus also on the house to bring it up at some point, too, and with republican control in your mind should they bring it up? should they be unafraid to bring it up in the house? >> i don't -- i'm not sure i can say what the house should or shouldn't do. they have their own agenda there. i do know this -- if even if the senate can't pass the bill through here, it's pretty clear it's not going anywhere. so i think the senate would be a good test for it. we'll find out whether or not there are enough democrats in the senate who support this thing. and if it did pass the senate, of course, the house can take it up. my guess is there are a number of democratic senators having serious heart burn about whether or not they want to be for a bill that raises radically raises taxes on job creators in this country

well let's take one issue for instance harry reid's boneheaded proposal about taxing millionaires we've tried that before what happens is quite literally overnight america loses all its millionaires through various deferred income tax avoidance schemes which are perfectly legal now the costs associated with this little change that seem so appealing to this so-called ninety nine percent is astronomical but a little right three hundred million dollars just for a start we said we tried this before we tried this you know herbert hoover raised the top tax rate to ninety one percent it's stayed there from from twenty nine i think it was or thirty or thirty one it stayed there from then until nineteen set what was in one nine hundred sixty four and when it was dropped on seventy four percent and it stayed there until one thousand nine hundred six when when twenty eight percent so we had a little prosperity while the top one percent and i'd like to expose the fallacy of that argument that avoids the actual issue the issue here is that we tax many much less millionaires because so many people ag

but i would welcome harry reid if he can bring a bill to the floor, let's vote on it. i think they're bluffing. >> cnn's congressional correspondent kate bolduan working her sources on capitol hill. the democrats on the senate side saying raise taxes. i'm not that great at math but i think i'm good enough to say done this make this much more of a political statement, and the bill less likely to pass? >> reporter: i think you are right there, john about you've been around washington long enough to know that. basically this change, if you will, this millionaire's surtax, is designed to make the bill more palatable to democrats, to win support of more senate democrats around this measure. some senate democrats had been opposed -- taken issue with how the president originally proposed to pay for this broad jobs package. one example, some had taken issue with raising taxes on oil and gas companies, if they're coming from oil and gas, of course, producing states. at the same time while this measure's -- this change is designed to win over more democrats, republicans that, no

look, here, why didn't harry reid jump on mcconnell the other day, when mcconnell said, i'm going toan up or down vote right now on either the president's version of the bill or harry reid's version of the bill, and he could have said, okay, we'll do it, and i'm going to give you 51 votes plus the vice president and we'll have the bill passed. he could have done it that split second, instead, he held back and said, i can't get bill nelson, i can't get mary landrieu. if he were able to deliver his troops, we would have a jobs bill, at least through the senate. i'm telling you what you already know. but i wish the democratic party would jump and see their opportunities and say, it's never going to be perfect, but you know i'm right, and grab that baby. >> you are right. chris, you are probably one of the few people that pointed out, and i share this view, that mitch mcconnell could have been time man of the year last year. when we were in the majority, they blocked 497 bills. to see this bill fail when the majority of america supports it, and a majority of the senate supports it, you'r

senate democrats led by majority leader harry reid are seeking a millionaire tax to fund the president'sposal includes a tax hike for families earning more than $250,000. it would raise $445 billion over ten years by imposing a 5% surtax on million dollar earners. it will apply to wealth accrued above that level, including capital gains and inheritances. this makes a lot of sense. >> isn't this a smart political move even if it has no chance to pass through. >> it's smarter than raising taxes on folks making $250,000 a year. as senator schumer said today, that is a mistake. a lot of those folks having a hard time. joe, you're right, it's not going anywhere right now. the republican house isn't going to vote for any taxes. >> mike, if i'm a democrat on the campaign trail, i would love nothing more. chuck schumer has this right from the very beginning. he got it right back in december when the white house ignored him when he said let's not raise taxes on small businesses and people making $250,000, but let's have a millionaire's tax and drive it until the republican party is forced to reje

harry reid is scheduling a plan bringing it to the senate. if you're anxious to get to hand 4s, pre order starts today. sprint says the and lamented bettere plant makes it a value. is caught between at&t justice department. that and howore on makepeople are looking to the passing of steve jobs. that is coming up. i am reporting for abc 7 news. >> thank you. >> 49 degrees. >> still to come, how students standaders are taking a against bullies. >> the latest rising star in the party is in washington. >> another check on your traffic and weather. we will be right back. ♪ [ female announcer ] everybody loves that cushiony feeling. uh oh. i gotta go. [ female announcer ] and with charmin ultra soft, you can get that same cushiony feeling you love while still using less. charmin ultra soft has extra cushions that are soft and more absorbent. so you can use four times less versus the leading vndue brand. ah. [ female announcer ] using less never felt so good. we all go... why not enjoy the go with charmwi ultra soft. >> list of about the overall wea

harry reid said, you can't do that. it's a political stunt.s he's got a plan and apparently he told some people, this is the plan. it's not class warfare. we're going to add a 5% surcharge on the taxes of millionaires to get democrats on board. >> gretchen: so the reason that he can't pass the bill right now is not because he's agreeing with republicans on what they don't like about the jobs bill. it's because he wants to add more taxes to it. he wants to try and get the democrats who are more over on the left and less moderate to come on board with this jobs bill. so does 5% -- my goodness, by the time they get done doing the tax, some might argue the people who have been successful in this country might not have nothing left. >> brian: a few things came out. buffett said ultrarich, so not millionaires. and number two, the irs came out with stats that showed the millionaires are paying more money than the rest of society. and 47% aren't paying anything. so that is the problem i think that a lot of democratic senators are saying, i can't get m