Boehner offers to take debt limit off the table

- Higher income tax rates on households earning $1 million and above.
- $1 trillion in revenue over 10 years with $440 billion coming from higher tax rates, $500 billion from tax reform in 2013 and $60 billion from changes in benefit and tax treatment tied to the Consumer Price Index.
- Dollar-for-dollar cuts in entitlement programs tied directly to the tax revenue number. One is contingent upon the other.
- An unspecified increase in the Medicare eligibility age.
- A one-year lifting of the debt ceiling.
- Waiving most of the scheduled budget cuts under sequestration and replacing them with the entitlement cuts.

Since the revenue component is the most important, here is a summary of the Boehner offer, as confirmed by numerous sources familiar with the talks.

- A marginal income tax rate of 39.6 percent on household incomes of $1 million and above.
- The rate would apply for 10 years and raise an estimated $440 billion.
- Tax reform in 2013 would have a legislatively enforceable goal of raising $500 billion in additional revenue through the elimination of deductions and tax loopholes.
- Boehner also asked for a reduction in the Consumer Price Index (CPI) adjustment in government benefits and in the indexing of tax brackets. By Boehner's numbers, this would generate $60 billion in revenue over 10 years.

The sum total of revenue under Boehner's plan was $1 trillion over 10 years.