House Speaker John Boehner said today he plans to propose legislation to raise taxes only on incomes of $1 million or more as a back-up plan in case fiscal cliff negotiations fail.
Boehner's "Plan B," already opposed by Democrats, comes as he and President Obama are reportedly moving forward behind the scenes to reach a deal to avoid the fiscal cliff.
Obama offered Monday to set a $400,000 threshold for incomes that would face tax increases, which was a concession from his earlier position. He had previously said he wanted to he threshold at $250,000.
White House Press Secretary Jay Carney said Boehner's back up plan "doesn't ask enough of the very wealthiest in taxes and instead shifts the burden to the middle class and seniors," and cannot pass the Senate.
Via the Los Angeles Times