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White House proposes $1.6T tax increase, GOP says

By Andrew Taylor

Associated Press

POSTED:
LAST UPDATED: 12:10 p.m. HST, Nov 29, 2012


WASHINGTON » Republicans familiar with a new White House offer on avoiding the so-called fiscal cliff say it looks almost exactly like President Barack Obama's budget proposal in February.

GOP aides say Treasury Secretary Tim Geithner presented an offer calling for $1.6 trillion in new tax revenue over the coming decade, extending the 2 percentage point payroll tax deduction or something comparable to it and $50 billion in stimulus spending on infrastructure projects.

The White House plan calls for $960 billion over the coming decade by increasing tax rates and taxes on investment income on upper-bracket earners and $600 billion in additional taxes.

The aides required anonymity because of the sensitivity of revealing the offer made by Geithner to top Republican lawmakers in meetings in the Capitol today.






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