Speaker Boehner conceded and offered raising the tax rate on millionaires, conditionally set on reducing entitlements. As Politico reports....
Despite this pseudo- concession, it looks like traders (at least on Intrade) are not putting much faith in all sides reaching agreements by Dec 31. or more appropriately before Congress breaks for Christmas.
Speaker John Boehner has proposed allowing tax rates to rise for the
wealthiest Americans if President Barack Obama agrees to major
entitlement cuts, according to several sources close to the talks.
It
is the first time Boehner has offered any boost in marginal tax rates
for any income group, and it would represent a major concession for the
Ohio Republican. Boehner suggested hiking the Bush-era tax rates for top
wage earners, including those with annual incomes of $1 million or more
annually, beginning Jan. 1, two sources said.
Despite this pseudo- concession, it looks like traders (at least on Intrade) are not putting much faith in all sides reaching agreements by Dec 31. or more appropriately before Congress breaks for Christmas.
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