Democratic Leaders Propose New Tax on Millionaires

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On Wednesday, Senate Democratic leaders proposed a five percent surtax on Americans with incomes of $1 million or more per year. Senate majority leader Harry Reid said the surtax would raise nearly half of $1 trillion over the next decade, which is the amount necessary to cover President Obama's jobs bill. A recent CBS news poll showed that 64 percent of Americans think that those who earn more than $1 million per year should pay more in taxes, which means the public may be on board for the new tax. Now, Democrats will need to gain Republican support for the measure.

Ron Christie, former special assistant to President George W. Bush and a fellow at Harvard University's Institute of Politics, and Todd Zwillich, Takeaway Washington correspondent, analyze the Democrats' strategy and the policy behind it.