The FAA has no choice but to cut $637 million as its share of …
Senate Minority Leader Mitch McConnell of Ky. arrives on Capitol Hill in Washington, Monday, Dec. 31, 2012, as fiscal cliff negotiations continued. (AP Photo/Susan Walsh)
President Barack Obama will ask Congress to come up with tens …
Advertisement
"Fiscal Cliff" deal emerging
Unclear what happens with automatic spending cuts
Updated: Monday, 31 Dec 2012, 12:44 PM EST
Published : Monday, 31 Dec 2012, 12:44 PM EST
WASHINGTON (AP) - The contours of a deal to avert the `fiscal cliff' are emerging that would raise tax rates on couples making over $450,000 a year, raise the estate tax rate and extend unemployment benefits for one year.
That's according to officials familiar with the negotiations.
The deal in the works would return tax rates on families making over $450,000 to 39.6 percent. The tax on estates worth more than $5 million would increase to 40 percent. And unemployment benefits would continue for one year.
The officials say the White House and Republicans are at an impasse over what to do about automatic, across-the-board spending cuts set to begin taking effect on Jan. 1. Democrats want to put off the cuts for one year.
The officials requested anonymity in order to discuss the internal negotiations.
Email This
Print This
View Story on a Single PageAdvertisement
Advertisement
Advertisement
More on WISHTV.com
-
The car is an old-school Volkswagen Karmann Gia, but there's nothing old about the …
-
Police say a shoplifter in metro Atlanta had particularly sticky fingers for deodorant …
-
WASHINGTON (AP) — A Massachusetts congressman says investigators still don't know whether…
-
Learn more about the people who appear on air at 24-Hour News 8.
-
LAS VEGAS (AP) — The junked signs that attracted throngs to old Las Vegas have for years …
-
Indianapolis 500 drivers appear in the 2013 IPL 500 Festival Parade.
-
Andi and Tracy take a look at what's opening in theaters this weedend!
