Sanders: Surtax on wealthy draws support

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Senator Bernie Sanders says his proposal for a new surtax on the wealthy to pay for a bailout of the financial services industry is drawing support.

Sanders says he posted a letter to Treasury Secretary Henry Paulson about the proposal on his Web site, and that it drew more than 8,000 citizen co-signers in the first 24 hours.

The Vermont independent says the bailout should be paid for with a surcharge on taxes paid by individuals making more than $500,000 a year or couples earning more than $1 million a year.

The senator says he doesn’t want the costs of the bailout to be borne by the middle class.

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