Tax portion of ‘fiscal cliff’ deal done — senior GOP source

Published on NewsOK Published: December 31, 2012
Advertisement
;

Philip Klein

Senate Republicans and the White House have reached a deal on the tax portion of the “fiscal cliff” showdown, according to a senior Republican source, but spending remains an outstanding issue.

The basic parameters on the deal are as follows:

– Bush era tax rates would be made permanent on all income below $400,000 for individuals and $450,000 for families.

– The capital gains tax rate would permanently remain at 15 percent for income under $400,000 for individuals and $450,000 for families, and it would go up to 20 percent on income above that.

– There would be a permanent fix to prevent the Alternative Minimum Tax (originally intended to capture more taxes from a small number of millionaires) from hitting tens of millions of middle class families.

Click to read full article at Washington Examiner


Trending Now


AROUND THE WEB

  1. 1
    High school football: Sperry rallies for win week after lineman dies
  2. 2
    New video shows beheading of British aid worker David Haines by Islamic State group
  3. 3
    OU football: Jordan Phillips breaks out 'Shmoney dance' after sack against Tennessee
  4. 4
    VIDEO: Oklahoma State WR Brandon Sheperd catches 18-yard touchdown from Daxx Garman
  5. 5
    OSU football: J.W. Walsh watches first quarter of OSU-UTSA from the top of Boone Pickens Stadium
+ show more