Ezra Klein is Twittering details of a congressional deal on taxes and spending (at least it’s a deal on the Senate side; House Republicans such as Tiny Tim Griffin have yet to be heard from on a deal that would increase taxes on the well-to-do). What Ezra is saying so far:
6. Deal raises about $600b — and maybe a bit more — in taxes over 10 years. As always details can change, but that’s where it is now.
5. Estate tax set at $10m exemption but 40% rate.
4. Sequester unclear. Prez wants to offset with taxes and spending cuts. R’s only want to offset with spending cuts.
3. UI and business cuts extended through 2013. Stimulus cuts for 5 years. Medicare cuts stopped with offsets. Payroll cut expires.
2. Dividends and cap gains taxes at 20% of the $400k/$450k levels. PEP at $250k. Pease at $300k.
1. Details on the deal: 39.6% tax rate for individual income over 400k/family income over $450k. AMT patched permanently.
Here’s more from Politico. This deal won’t be completed today, if ever.