Details of new fiscal cliff deal emerging; Tax hike for $400,000 and over | Soshal Network, Social Circle Connection

Details of new fiscal cliff deal emerging; Tax hike for $400,000 and over

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President Obama and House Speaker John Boehner met at the White House this morning for another round of negotiations to avoid the fiscal cliff, and details of a proposed deal are emerging tonight. Among the White House’s concessions is a new threshold on the extension of the Bush tax cuts, from $250,000 to $400,000.

So now your a millionaire if you make $400,000 according to Obama…better than $250,000 but even a 5th grader knows his math is off

— Chris Versace (@_ChrisVersace) December 18, 2012

The White House move to $400,000 as an income base for tax increases is significant. The President and Speaker are moving closer by the day.

— Joe Scarborough (@JoeNBC) December 18, 2012

The White House has proposed raising tax rates on income above $400,000, so lets say 500k and go home.

— Surya Gunasekara (@sggunase) December 18, 2012

It’s more logical than $250,000 but why don’t you go to $1,000,000 instead of $400,000. Still too harsh on economic growth @barackobama

— JonGlendinning (@JonGlendinning) December 18, 2012

If Obama wants ALL (>$400,000) to pay their fair share then why not have 47% who do not pay any federal taxes pay their “Fair SHARE”!

— DR. GREGGORY DEVORE (@grdevore) December 18, 2012

Here’s an interesting theory; is $250,000 the threshold for “small business,” while $400,000 is just plain rich?

Obama raising extending the tax rate holiday to $400K takes away Boehner’s argument that it hurts small business.

— Neil (@NPSusa) December 18, 2012

Boehner showed signs of caving late Saturday night, suggesting a tax hike on those earning more than $1 million, but today’s numbers seem to show the president giving some ground. The Washington Post is reporting that the newest proposed deal would include smaller cost-of-living increases for Social Security beneficiaries, saving some $200 billion over 10 years. Obama is still asking for $1.2 trillion in new taxes, $200 billion more than Boehner’s current offer. The deal reportedly would push back the debt ceiling limit another year as well.

Notable in WH Offer: $400k tax rate level; inflation change; 2-yr debt ceiling ask; no payroll tax cut extension; no major new health moves

— Damian Paletta (@damianpaletta) December 18, 2012

From what I understand, Boehner and WH are less than 200B apart on taxes. And they are 1 year apart now on debt ceiling. #theyarecloser

— Chuck Todd (@chucktodd) December 18, 2012

Numerically, the WH counter offer is almost down middle from original WH and Boehner offer. But counting votes is a whole other problem

— Marty Kady (@mkady) December 18, 2012

Boehner is expected to brief House Republicans tomorrow morning in an attempt to sell the deal.

Boehner Spox: “Any movement away from the unrealistic offers the President has made previously is a step in the right direction

— Zeke Miller (@ZekeJMiller) December 18, 2012

Boehner Spox: but a proposal that includes $1.3 trillion in revenue for only $930 billion in spending cuts cannot be considered balanced

— Zeke Miller (@ZekeJMiller) December 18, 2012

Boehner spox: “We hope to continue discussions with the President so we can reach an agreement that is truly balanced” #fiscalcliff

— Jen DePaul (@BondBuyerJen) December 18, 2012

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