Boehner: Up Tax Rate to 39.6 Percent

    WASHINGTON, DC - NOVEMBER 9:  U.S. Speaker of the House Rep. John Boehner (R-OH) addresses the media during a press conference in the U.S. Capitol building November 9, 2012 in Washington, DC. Boehner called for delaying the fiscal cliff and extending Bush-era tax cuts until 2013.  (Photo by Allison Shelley/Getty Images)

    Allison Shelley / Getty Images

    Looks like Boehner’s ready to play ball. A source close to the ongoing fiscal cliff negotiations announced Sunday that the House pspeaker’s latest proposal to President Obama would bring the top income tax rate to pre-Bush levels at 39.6 percent. The rate, up from 36 percent, would apply to those earning more than $1 million a year. In return, Boehner is asking for “significant” cuts to entitlements and other spending programs. The Obama administration has not accepted his offer, according to another source. If the two sides can’t come to an agreement, the Bush era tax cuts will expire on Jan. 1 and across-the-board spending cuts will go into effect.

    Read it at Reuters