Speaker John A. Boehner has offered to let tax rates rise on income over $1 million in return for entitlement reforms in fiscal cliff negotiations with President Barack Obama, according to news reports.
The offer is the first time Boehner has agreed to allow a rate increase, signaling that talks aimed at heading off the tax hikes and automatic spending cuts due to take effect at the start of next year were picking up steam. Boehner reportedly made the offer Friday in a phone conversation with Obama, and said he would accept the rate hike for higher earners in exchange for significant cuts in entitlement programs. Boehner’s office, the White House and other congressional sources declined to comment, but spokesmen for the House Speaker did not deny the offer had been made.
CONTINUED: http://www.rollcall.com/news/boehner_reported_to_offer_millionaire_tax_rate_increase-220025-1.html
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