Obama calls leaders for Friday talks in effort to reach fiscal cliff breakthrough (meeting @3:00)

[Ellipsis]

7. They are going to cut a deal.... don't ya think?

They'll modify this.... any bets on how?


"Under the bill passed by the Senate, income tax rates for couples’ earnings of more than $250,000 would rise to 36 percent from 33 percent. Tax rates on income over about $390,000 would rise to 39.6 percent from 35 percent. The rate on most dividends and capital gains would rise to 20 percent from 15 percent for income over $250,000.

Much of the fight on Wednesday centered on the estate tax, which the Senate legislation does not address. If nothing is done, the current estate tax — a 35 percent rate on inheritances worth more than $5 million, or $10 million per couple — would snap back to the rates under President Bill Clinton, 55 percent over $1 million, or $2 million per couple."