Updated 11:38 a.m. -- House Speaker John Boehner, R-Ohio, will introduce "Plan B" legislation to extend the Bush-era tax rates for those making $1 million and below as a backstop for the "fiscal cliff" talks. But Democrats have rejected the plan, saying that it cannot pass the Senate and does not "ask enough" of top earners.
The proposal, which Boehner described as a less desirable alternative to a larger "balanced" deal with the White House, would mean that rates would go up for the highest earners, while taxes would remain at current levels for the majority of Americans. President Barack Obama had originally called for tax rates to increase at a lower threshold, for those households earning over $250,000 per year; his administration made a new offer to Republicans last night raising that threshold to $400,000.
No comments:
Post a Comment