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FBN's Rich Edson on House leaders discussing a one-year extension for all income tax rates.
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The -- talk about stocks are right law extending the bush tax cuts house Republicans right now are negotiating a possible one year extension of all current income.
Rates -- -- and broke the story last hour you got the very latest rich what do we know at this point.
-- -- big question is what's going to happen at the end of the year when current tax rates expire house Republicans in the house Ways and Means Committee.
Are negotiating just a one year extension of all current tax rates GOP -- says they expect the house will pass that one year extension.
By the August recess in the house now the negotiating tactic on this is Republicans are phrasing this.
As just a one year extension so that it this year and next year.
They can work through corporate and individual tax reform just a place -- this is an acknowledgment that the current tax system doesn't work.
And they're only extending one year for everyone current rates today rewrite the entire tax system and this puts them at odds with Democrats though Democrats are exactly unified in their position remember the president the White House.
And many Democrats want to increase taxes next year on those earning 250000.
Dollars or less or more seasoning.
And an increase -- tax for a million dollars or more is what the House Minority Leader Nancy Pelosi wants the Democrats are somewhat all over the place and what they -- to do with taxes.
Republicans one year extension to work on and overhaul the entire system next year and they hope to pass that before August through the house.
You -- -- like I do want to ask you one -- question here because we heard.
From speaker Boehner Eric Cantor last week they came after the president made his comments about the economy and they they -- imagine that tax cut extension.
At the same time what do you think the chances are that this is gonna get pushed down to the end of the year we're gonna be pushing towards that fiscal -- We're so nervous about right now.
-- -- absolutely get resolved or.
-- house Republican position they'll be on record they'll have a one year extension passed the house -- -- get to the senate.
And the White House this sets this up for a big negotiation after the elections.
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