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Fiscal cliff talks: Speaker John Boehner pitches millionaire tax hike

Posted By admin On December 16, 2012 @ 5:46 am In Money Watch | Comments Disabled

Politico [1]
December 16, 2012

Speaker John Boehner has proposed allowing tax rates to rise for the wealthiest Americans if President Barack Obama agrees to major entitlement cuts, according to several sources close to the talks.

It is the first time Boehner has offered any boost in marginal tax rates for any income group, and it would represent a major concession for the Ohio Republican. Boehner suggested hiking the Bush-era tax rates for top wage earners, including those with annual incomes of $1 million or more annually, beginning Jan. 1, two sources said.

Obama and Boehner spoke by phone Friday after a lengthy face-to-face session at the White House on Thursday. The quickening pace of private conversations between the two key players in the fiscal-cliff talks shows progress is being made in the negotiations, although they are not close to a deal yet, sources said.

Boehner also wants to use a new method of calculating benefits for entitlement programs known as “chained CPI,” which would slow the growth of Medicare and other federal health programs and save hundreds of billions over the next decade.

[1]Full story here. [1]

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URLs in this post:

[1] Politico: http://www.politico.com/story/2012/12/boehner-pitches-millionaire-tax-hike-85128.html?hp=f1

[2] Obama, Boehner close gap on fiscal cliff deal, eye trillion-dollar tax hike: http://www.prisonplanet.com/obama-boehner-close-gap-on-fiscal-cliff-deal-eye-trillion-dollar-tax-hike.html

[3] House Speaker John Boehner: NSA Leaker a ‘Traitor’: http://www.prisonplanet.com/house-speaker-john-boehner-nsa-leaker-a-%e2%80%98traitor%e2%80%99.html

[4] Fiscal cliff deal could elude Congress: http://www.prisonplanet.com/fiscal-cliff-deal-could-elude-congress.html

[5] How The Fiscal Cliff Talks Collapsed: http://www.prisonplanet.com/how-the-fiscal-cliff-talks-collapsed.html

[6] Paul, Lee, Rubio Vote No on ‘Fiscal Cliff’ Deal that Hikes Taxes, Puts Off Spending Cuts: http://www.prisonplanet.com/paul-lee-rubio-vote-no-on-fiscal-cliff-deal-that-hikes-taxes-puts-off-spending-cuts.html

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