Shape Of Deal Emerging

By Alan with comments December 31, 2012 13:52

Vice President Biden and Senate Minority Leader O’Connell are close to a deal to prevent tax increases beginning Tuesday, although spending cuts are still an issue.

Under the emerging deal, income taxes would rise to 39.6 percent from 35 percent on income over $400,000 for single people and $450,000 for couples. Above those income levels, dividends and capital gains tax rates would also rise, to 20 percent from 15 percent.