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Obama Cuts Hawaii Holiday Short for Cliff Talks

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  • Description

    FBN’s Peter Barnes with the latest developments on the fiscal cliff talks.

  • Duration 1:43
  • Date

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This transcript is automatically generated

-- city -- may be at for failing.

To Barnes is live in DC and hit and Atlantic theater.

Ahead -- day again I'm trying to think plan.

Right thank you.

President Obama -- back to Washington DC tonight from Hawaii expected to back into DC tomorrow morning in time for the senate to try to take a stab.

And -- the fiscal cliff but I have reached out to the White House.

And congressional leaders offices this morning for comment.

White House says it won't let us know that there is any update and the talks with the congressional leadership and the leader's -- -- say the leader's office result telling me right now.

No news to report so as of now we're still headed for the cliff.

That means that on January 1 the nation faces about a five.

Trillion dollar tax increase over ten years through the expiration of the bush tax cuts.

And assuming the congress does not approve its annual patch for the alternative minimum tax and its Medicare doc fix that prevents deep cuts in Medicare payments.

The -- of the bush tax cuts would mean of course the top tax rate will revert back to 39 point six.

In the Clinton administration from 35% now but -- -- look rates would also go up for lower income earners the maximum lowest rate reverting back to 15%.

From 10% now.

And for investors capital gains rates would revert.

Back to 20% from 15%.

Now they -- -- not just for failure -- bumper what will all say we -- behind -- the Clinton potentially.

And I won't say I want I want hundred outward problems Peter thank you that it -- think Peter Barnes.

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