This 14th day of December, we’ll focus on the Fiscal Cliff
President Barack Obama reduced his demand for tax increases to $1.4 trillion from $1.6 trillion as he and House Speaker John Boehner traded another round of offers and inched toward a budget agreement.
A broad swath of the nation’s leading chief executives dropped its opposition to tax increases on the wealthiest Americans on Tuesday, while the White House quietly pressed Wall Street titans for their support as well.
Corporate taxes hadn't until now been part of budget talks aimed at averting spending cuts and tax increases set for January. Much of the focus has instead been on the expiring individual income-tax rates.
Now to one of the big sticking points in Washington these days. Much of the debate over impending tax hikes and budget cuts centers on the tax rate for top earners. President Obama argues the tax rate for income over $250,000 a year should be allowed to go up. Republicans say there should be no change in tax rates. When Democrats talk about raising taxes on the wealthy, Republicans hear it as raising taxes on small businesses and killing jobs.
A crucial jobs issue hangs on the "fiscal cliff" negotiations: will lawmakers extend unemployment benefits for millions of Americans?