Politics

Tax cut compromise taking shape?

wrahn Contributor

The partisan stalemate over tax cuts softened Monday, pointing to the outlines of a potential compromise that could involve extending the cuts for up to two years.

Other proposals also were being floated as representatives and senators gathered for a post-election, lame-duck session, including one that would raise the income threshold for the tax cuts to $1 million, which would allow many households in the top bracket to continue receiving a tax break.

For months, Republican lawmakers have been bitterly at odds with President Obama over how to extend tax cuts approved early in the George W. Bush administration, with especially sharp disagreement over breaks for higher-income taxpayers.

Full story: Tax cuts: In Congress, a deal takes shape on tax cuts – latimes.com