Quantcast
Get breaking news alerts via email

Click here to manage your alerts
Some Dems: Drive over ‘fiscal cliff,’ then bargain


< Previous Page


The plan also would move upwardly mobile earners into higher tax brackets more quickly. It would reinstate the 2009 estate tax exclusion to $3.5 million, with a tax rate of 45 percent for values above that threshold. And it would raise the tax rate for capital gains and dividends by 5 percentage points, to 23.8 percent.

"Nearly all revenue from this package comes from upper income earners," Kessler said. His group would prefer to raise tax rates on the wealthiest, he said. But the compromise plan gives Republicans a break on that contentious issue.

Join the Discussion
Post a Comment

Also embroiled in the end-of-year negotiations is the Alternative Minimum Tax, which Congress routinely adjusts to prevent big tax hikes on millions. If Congress fails to act by Dec. 31, an additional 28 million middle-income families would be hit with a large and unexpected tax increase when they file their 2012 returns next spring, the IRS says. Also, the annual AMT "patch" usually includes a rule that affects how tax credits are calculated for about 60 million taxpayers. Those taxpayers — about half of all individual filers — would have to wait until at least the end of March to file their returns while the IRS reworks its systems to account for the existing AMT patch expiring, the agency said.

White House spokesman Jay Carney said Obama hopes for a big bipartisan compromise that will include spending cuts, revenue increases and other features to avert the fiscal cliff. Obama has made it clear, Carney said, "that he is not wedded to every aspect of his plan, and that he understands that in order to reach an agreement, everyone needs to compromise, and that compromise should not be a dirty word in Washington."

———

Associated Press writers Jim Kuhnhenn and Stephen Ohlemacher contributed to this report.




Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Login to the Electronic Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.