John Boehner Offers ‘Fiscal Cliff’ Deal With Tax Hikes on Rich

Americans with income over $1 million would see their tax rates go up

There is some progress being made on the fiscal cliff front, even though the White House and congressional Republicans appear to be a long way from a deal. Over the weekend, House Speaker John Boehner offered a $1 trillion tax revenue deal over 10 years that includes an increase in the top tax rate on Americans making more than $1 million a year. He is also offered a large enough extension in the debt ceiling. But Boehner has condition these concessions on President Barack Obama agreeing to the $1 trillion in spending cuts. He is also pressing for a less than generous inflation adjustment in Social Security benefits to retirees, an idea Obama and Democrats agree to last years, but seem less likely to support it now. (Associated Press)

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