POLITICO Breaking News
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The White House has proposed raising tax rates on income above $400,000 - up from $250,000 - as part of a counteroffer to House Speaker John Boehner aimed at reaching a deal to avert the fiscal cliff, according to a source familiar with the talks.
The $2.4 trillion proposal offers an equal amount of revenue and spending cuts, meeting a dollar-for-dollar demand that Boehner has placed on the scope of a final package.
President Barack Obama proposed $1.2 trillion in new revenue, down from his previous offer of $1.4 trillion. And he offered $1.2 trillion in spending cuts, including $400 billion in entitlement savings, which is an increase of $50 billion.
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