In his press conference today, Senate majority leader Harry Reid admitted that members of his own party have supported Republican House Speaker John Boehner’s “Plan B,” which would raise the threshold for higher taxes to incomes of over $1 million. “The idea was [Senator Barbara] Boxer’s, and Senator Schumer has done a wonderful job of advocating for that,” Reid said of the $1 million threshold. “Remember at that time, what we were trying to do was something to stimulate the economy, and the President took that away from us when he recommend and advocated that we just continue all the tax cuts.”
Boehner’s “Plan B” was quickly rejected by Democratic leadership after Boehner proposed it earlier today. Democratic House Minority Leader Nancy Pelosi also supported a $1 million threshold as recently as May of this year.