House Republicans, discouraged by the pace of negotiations with the White House, will move their own bill that would hike tax rates on income above $1 million, according to several sources familiar with the plan.
Speaker John Boehner (R-Ohio) told President Barack Obama of his plan last night on a phone call, according to sources.
Boehner will make the argument to House Republicans that tax rates will go up on everyone come Jan. 1. “The question for us is real simple: How do we stop as many of those rate hikes as possible?” Boehner plans to tell House Republicans.
“For weeks, Senate Republicans — and a growing number of you — have been pushing for us to pivot to a ‘Plan B,’” he will say. “I think there’s a better way. But the White House just can’t seem to bring itself to agree to a “balanced” approach, and time is running short. Taxes are going up on everyone on Jan. 1. They’re baked into current law. And we have to stop whatever tax rate increases we can. In the absence of an alternative, as of this morning, a ‘modified Plan B’ is the plan.”
CONTINUED at Politico.