Dec 20, 2012 No Comments ›› Chuck Biscuits
Excerpted from CBS News: As the House readies for an expected vote on an alternate plan, dubbed “Plan B,” to avoid massive tax hikes on all income earners, House Majority Leader Eric Cantor, R-Va., said he is confident he will have enough support to pass their plan.
“We’re going to have the votes,” Cantor told reporters this morning.
“Plan B,” a scaled-back measure that extends tax rates for everyone except those making $1 million, comes to the House floor at the unilateral direction of Republican leadership just days after it seemed talks between House Speaker John Boehner, R-Ohio, and President Obama were progressing to avert the so-called “fiscal cliff.” Both sides offered major concessions to move toward compromise, but aides tell CBS News White House correspondent Major Garrett that Boehner didn’t have enough support in his party to pass his proposal that included $1 trillion worth of revenue increases.
While “Plan B” would raise taxes on millionaires, which is something Democrats support, it does not go far enough for Democrats who want higher tax rates for more income earners. The president’s latest “fiscal cliff” offer would raise the marginal tax rate to 39.6 percent on those making more than $400,000, a concession from his previous demand that taxes go up for households making more than $250,000.