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I'm not sure what you mean by heavy raise (25-50%?), but since you're implying it's hefty in this economy it sounds like a long shot you'll get what you want. I've learned from the whole "I want more money or I'm out" thing and it rarely works out for young guys. The loss of a solid reference is a killer in this economy, it screams "over-educated and under-experienced." If your mind is really made up, you're better off just leaving on good terms and giving reasonable notice than taking a chance of it ending with a screaming match.
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