comscore White House proposes $1.6T tax increase, GOP says | Honolulu Star-Advertiser
Top News

White House proposes $1.6T tax increase, GOP says

  • AP
    Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington
[ AD HAS BEEN REMOVED FROM THIS STORY ]

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.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments have been disabled for this story...

Scroll Up