Monday, December 17, 2012

Update on Fiscal Cliff

House Speaker John Boehner (R-Ohio) has agreed to raise taxes on Americans making more than $1 million, reversing an earlier decision that Bush-era tax cuts should remain intact for all Americans, rather than just those making less than $250,000 a year as President Obama requested. The move is a "gesture toward compromise" as Republicans and Democrats work to resolve budget issues to avoid looming tax hikes and spending cuts scheduled to take effect Jan. 1. The millionaire tax hikes would increase federal coffers by some $1 trillion over 10 years. President Obama has demanded $1.4 trillion in new revenue

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