MORE TAXES, MORE DEBT: TAXES GO UP ON RICH NOW, CUT SPENDING LATER. USD FREEFALLING! ANOTHER US DEBT DOWNGRADE IMMINENT?
December 18th, 2012
Speaker John Boehner told House Republicans on Tuesday he will move to a “Plan B” on the fiscal cliff by having the House vote on legislation to extend tax rates on annual income under $1 million.
The bill would allow tax rates on annual income above $1 million to rise from 35 percent to 39.6 percent.
Boehner announced the plan in a closed-door conference meeting after a flurry of negotiations with President Obama that showed the two sides were moving closer to a deal. Yet differences remain over spending cuts, entitlement reforms, new spending measures demanded by Obama and the president’s request for a hike to the debt limit.
Boehner, who informed the president of his plans for a Plan B in a telephone call Monday night, is not cutting off talks with Obama and told members his Plan B is less than ideal. Republican aides stressed that the talks will continue, but lawmakers said the bill could come to a vote as early as Thursday.