12/31/12
by WGN Web Desk
A deal may be emerging in the “fiscal cliff” negotiations.
The Los Angeles Times reports the plan would raise taxes on incomes, including investments, for taxpayers making more than $450,000 a year.
But the two sides reportedly remain divided on what to do about the automatic spending cuts that make up part of the year-end “fiscal cliff.”
President Obama is expected to speak from the White House this afternoon with the latest developments.
Hours after the U.S. hit the fiscal cliff and a day before a new Congress would’ve had to start over, a late-night House vote averted big tax hikes and spending cuts.
In the 257-167 vote late Tuesday, 172 Democrats and 85 Republicans favored the bill; 16 Democrats and 151 Republicans opposed it.
The approved plan maintains tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. It will raise tax rates for those who make more — marking the first time since 1993 that federal income tax rates have gone up for any Americans, according to the Tax Foundation.
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