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New details are emerging about a possible Biden-McConnell plan that would involve Democrats considering a higher income threshold for tax rates on both the individual and couples rates. CNBC’s John Harwood cites a source close to the matter on-air indicating that the Democrats have given the GOP more leeway on the matter.
Here’s the tweet from Harwood:
Source familiar w/talks: if tax-hike threshold rises to $400-500K, Dems will get full increase to Clinton’s 39.6%, higher estate tax, UI ext
— John Harwood (@JohnJHarwood) December 31, 2012
Even more, a report from POLITICO’s John Bresnahan, Manu Raju and Jake Sherman indicates that a Biden-McConnell plan could thread the needle necessary to get a package through:
McConnell and Biden, who served in the Senate together for 23 years, are closing in on an agreement that would hike tax rates for families who earn more than $450,000, and individuals who make more than $400,000, according to sources familiar with talks
There was no word on whether this deal would attend to sequestration — the mandatory budget cuts both parties seek to avoid — but earlier reports indicate that these cuts may be deferred to 2015.
The deadline is now hours away, as tax rates for every American increase at midnight.
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