NEWSMAX: Signaling new movement in “fiscal cliff” talks, House Speaker John Boehner has proposed raising the top rate for earners making more than $1 million, a person familiar with the negotiations said.
President Barack Obama, who wants higher top rates for households earning more than $250,000, has not accepted the offer, this person said…
As part of a broader budget deal, Boehner is still seeking more spending cuts than Obama has proposed, particularly in mandatory health care spending. Boehner has asked for a long-term increase in eligibility age for Medicare and for lower costs-of-living adjustments for Social Security… (more)
EDITOR: We recommend 39% at $500,000 and 45% after $2,000,000. We also propose that Capital Gains Tax go to 25% starting in 2014. Major cuts in spending should not take place until 2014 or 2015 to provide time for the country to climb out of our stagnant and depressed economy. Let’s see how close we come to anticipating the outcome of the negotiations.
