Source: President Obama Likely To Endorse ‘Millionaire’s Surtax’

Source: Brianna Keilar and Kate Bolduan / CNN

Washington – President Barack Obama will use a news conference Thursday morning to push Congress to act on his jobs plan, a senior administration official said.

Obama will likely endorse the so-called “millionaire’s surtax” included in a jobs bill filed by Senate Democrats on Wednesday night, the official said.

The surtax in the bill introduced by Senate Majority Leader Harry Reid is a 5.6% tax hike on earnings over $1 million — up from the 5% initially proposed.

It would raise more than enough to fully pay for the president’s $447 billion jobs bill within the required 10-year window, a Senate Democratic leadership aide said.

The tax hike would kick in in 2013, rather than 2012 as previously proposed.

To read this article in its entirety visit CNN.