US President Barack Obama has reduced his demand for tax increases to $1.4
trillion from $1.6 trillion as a move towards latest counter-offer to avert the
year-end “fiscal cliff" which includes new tax revenues of $1.4 trillion over 10
years.
It
has been reported that the two sides remain far apart on taxes and spending, and
they continue to differ on whether a year end deal should include an increase in
the debt limit and fresh programs to boost the economy.
Obama’s latest offer reflects the upper boundary of tax revenue Democrats
could support. His budget plan earlier this year had more than $200 billion in
tax increases on dividends and estates that couldn’t get through the Democratic
controlled Senate.
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