Analysis: Boehner Budget Plan Ends Tax Cuts For Rich And Poor

WASHINGTON (December 20, 2012)--An independent analysis by the Tax Policy Center says taxpayers who make more than $1 million would get hit with tax increases averaging $100,000 next year under House Speaker John Boehner's alternative tax bill.

And the 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.

The Ohio Republican offered it as a backup plan in case stalled talks with Mr. Obama fail.

U.S. Senate leaders have pronounced it DOA, however.

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."

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