WASHINGTON (AP) — An independent analysis says taxpayers making more than $1 million would get hit with tax increases averaging $100,000 next year under House Speaker John Boehner's alternative tax bill.
The Tax Policy Center says some low-income people would get smaller tax increases because the plan would let expire several tax cuts first enacted as part of President Barack Obama's 2009 economic stimulus package.
Boehner's bill is scheduled for a vote by the House on Thursday, though Senate Democratic leaders say it has no chance to pass the Senate. The Ohio Republican offered it as a backup plan in case stalled talks with Obama fail.
If Congress and the White House don't reach an agreement, taxes would go up for nearly every American family as part of the year-end "fiscal cliff."