“Congress failed to reach a deal over weekend as Democrats and Republicans went back and forth on where they should set a threshold of income for individuals and families,” Deaux reports. “Democrats had hoped to increase taxes on those individuals who had earned more than $360,000 each year and families with incomes of $450,000, but Senate Republicans suggested the individual tax hikes go to those earning $450,000 or more and on couples making a yearly amount of $550,000.”
Deaux reports, “‘There’s still significant distance between the two sides, but negotiations continue,’ Senate Majority Leader Harry Reid said Sunday night.”
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