Tax bite on the rich if rates go up

With the end of the year coming to a close, the fiscal cliff seems far from being resolved. A compromise is desperately needed between Speaker Boehner and President Obama about tax increases on high-income households. While both agree on tax increases, they disagree on the cut-off for what defines high-income. Obama defines high income as $400,000 and Boehner as at least $1 million.

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Tax bite on the rich if rates go up