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December 16, 2012

Reports say Boehner offer includes higher rates on millionaires

There could be some incremental, if small, progress in the ongoing negotiations to avoid the fiscal cliff.

Multiple reports say that House Speaker John Boehner has offered higher tax rates on millionaires, the first time he has known to have been specific about offering higher rates.

Boehner made his pitch last week. His office would not confirm the reports.

Congressional Quarterly reported Sunday afternoon that the White House had not accepted the offer. CQ also says Boehner wants an increase in the eligbility age for Medicare benefits, as well as a new way of calculating cost of living adjustments in Social Security. Democrats have been resisting both ideas.

Democrats have also urged reverting to pre-Bush-era rates on individuals earning more than $200,000 and families making more than $250,000. Current top rates are 33 and 35 percent, but would go to 36 and 39.6 percent if lawmakers don't enact an alternative.

Congress returns to work Monday night, and plans to be in session throughout the week.

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