GOP May OK Taxes in Super Committee Staff
Posted: Nov 16, 2011 10:37 AM
GOP May OK Taxes in Super Committee
Republican leaders have started laying the groundwork to persuade GOP lawmakers to support a compromise on a tax increase, an issue that has deadlocked a congressional super committee pressed to come up with a deficit-reduction plan by next week. Republicans would allow $250 billion in new tax revenue over 10 years, largely by limiting itemized deductions for upper-income households, in exchange for freezing top income tax brackets at current levels instead of allowing them to rise when the Bush-era tax cuts expire at the end of 2012.