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December 17, 2012

Millions face higher taxes soon without fix

(Continued)

WASHINGTON —

House Speaker John Boehner and other Republicans have said they are open to more tax revenue through reducing or eliminating unspecified tax breaks. But Boehner, R-Ohio, late last week moved toward the president’s position, proposing raising top rates for people earning more than $1 million in exchange for deeper spending cuts, particularly in health care and other mandatory spending programs.

Obama has not accepted that offer, according to people familiar with the talks, but Boehner’s offer suggests that the negotiations are being renewed after appearing stalled just days ago.

Lost in the debate is a big package of tax breaks that already expired for 2012. Lawmakers in both parties say they expect those tax cuts to be addressed in any deal to avoid the “fiscal cliff.” But they don’t want to deal with them separately because that would reduce pressure to reach a broader budget agreement.

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