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Mon Dec 31, 2012, 07:01 AM

Senate negotiators yet to reach ‘fiscal cliff’ deal as clock winds down


Vice President Joseph Biden and Sen. Mitch McConnell were locked in urgent talks late Sunday over the “fiscal cliff” after Democrats offered several significant concessions on taxes, including a proposal to raise rates only on earnings over $450,000 a year.

With a New Year’s Eve deadline hours away, Democrats abandoned their earlier demand to raise tax rates on household income over $250,000 a year, as President Obama vowed during the recent presidential campaign.

They also relented on the politically sensitive issue of the estate tax, according to a detailed account of the Democratic offer obtained by The Post, promising to stage a vote in the Senate that would guarantee that taxes on inherited estates remain at their current low levels, a key GOP demand.

Still, McConnell (R-Ky.) was holding out to set the income threshold for tax increases even higher, at $550,000, according to people close to the talks in both parties. And he was protesting a Democratic proposal to raise taxes on investment profits for households with income above $250,000.

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Reply Senate negotiators yet to reach ‘fiscal cliff’ deal as clock winds down (Original post)
xchrom Dec 2012 OP
FreakinDJ Dec 2012 #1

Response to xchrom (Original post)

Mon Dec 31, 2012, 09:00 AM

1. Yet both the Full House and Senate worked into the night to save Big Banks


Surely you remember the Bank Bailout

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