THE talks on the fiscal cliff seem to be gathering momentum in
the USA. House of Representatives Speaker John Boehner's latest "fiscal cliff"
proposal to President Barack Obama would see the top income tax rate rise to
39.6 per cent from 36 per cent. The Entitlement programs include Medicare and
Medicaid healthcare for the elderly and poor and Social Security retirement
benefits.
It has been reported that the White House has not accepted
Boehner's proposal. Under the current law, the top tax rate is scheduled to rise
to 39.6 per cent on January 1, 2013 unless Congress extends the current of 36
per cent, as the Republicans had been urging.
|
