House Set to Vote on 2 Fiscal Cliff Amendments

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Hello everybody I'm Gerri Willis we begin tonight with breaking news.

The house set to vote on two fiscal -- -- amendments this Thursday but there's only.

One amendment Republicans are hoping will pass here with exclusive details rich -- in Washington rich.

Oh good evening Jerry and what Republicans are looking to do in the house is basically.

Deal with some of the tax provisions of the fiscal cliff dispose -- it on January 1.

So there will be two amendment votes in the house on Thursday the first is being constructed by Republicans.

Dubbed the polo -- plan because.

It contains a number of the positions -- -- House Minority Leader holds a one year extension of current tax rates.

For amounts less than 280000 dollars a year it extends.

Some of the stimulus provisions -- again it expanded earned income tax credit the expanded child tax credit and on the estate tax.

It raises the amount to 55%.

On amounts of more than one million dollars now this is the Republican plan the one that it -- does.

Pass the house is likely to pass the house.

It makes the current rates permanent for amounts less than one million dollars a year it takes capital gains and dividend rates which -- -- 15%.

Makes them permanent for amounts under one million dollars for amounts of more than one million dollars.

It's a 20% cap gains and dividends rate a top rate it permanently patches the Alternative Minimum Tax.

And there -- a permanent estate tax of 35%.

For amounts of more than five million but it also doesn't deal with a whole host of issues including the debt ceiling.

The sequester those automatic spending cuts that are set to hit starting on January 2 -- first the doc fix that's essentially an automatic.

Pay cut to -- payments for doctors who treat Medicare patients extended unemployment benefits all these other elements of the fiscal cliff.

All right dealt with.

That's white house speaker John Boehner says he still negotiating a larger debt deal with the White House but Republicans were discouraged.

But what the president offered them last night they have this back up plan on the table and these the items that they're gonna vote on in the house.

On Thursday if anything's going to pass the house it's the Republican plan -- it goes to the senate where senate Democrats say it has no chance.

-- Here -- -- thank you for that banks.

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