Boehner Proposes Letting Taxes Rise On Millionaires - Business ...

AP

John Boehner has made his first concession on letting taxes rise, as part of the negotiations over the looming "fiscal cliff."

According to Politico, CNN, and AP, John Boehner has proposed that taxes could go up on millionaires, provided they were accompanies also by spending cuts, entitlement cuts, and tax reform.

Not surprisingly, Obama has already declined, as his demand is for taxes to go up for those making $250K or more.

That being said, it sounds like this is a start to the real Fiscal Cliff negotiations. Now that the subject of tax hikes has been breached, the two sides have a shot at horse trading, and finding enough common ground to avert the Cliff.

That being said, Boehner's spokesman told Politico: "The lines of communication remain open, but there is no agreement, nor is one imminent."

Source: http://www.businessinsider.com/boehner-proposes-letting-taxes-rise-on-millionaires-2012-12

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