GOP Speaker Proposed Allowing Tax Rates on those Making $1 Million or More (UPDATE: Obama rejects Offer)

Republican Speaker of the House John Boehner has proposed allowing tax rates to rise for those individuals making $1 million or more. Of course this tax hike is conditional on President Obama agreeing to major entitlement cuts. This will likely go no where as any honest thing person knows that the revenues from tax increases on individuals making $250K as Obama wanted would only fund the government for 8 days, $1 million would probably fund the government for three.

$1 million dollars!!!

Speaker John Boehner has proposed allowing tax rates to rise for the wealthiest Americans if President Barack Obama agrees to major entitlement cuts, according to several sources close to the talks.

It is the first time Boehner has offered any boost in marginal tax rates for any income group, and it would represent a major concession for the Ohio Republican. Boehner suggested hiking the Bush-era tax rates for top wage earners, including those with annual incomes of $1 million or more annually, beginning Jan. 1, two sources said.

UPDATE I: Barack Obama rejects Speakers offer. Obama will not be happy until he gets it all his way. And he knows the wuss Boehner will cave.

President Barack Obama is not ready to accept a new offer from the Republican leader of the U.S. the House of Representatives to raise taxes on top earners in exchange for major cuts in entitlement programs, a source said late Saturday.