(Bloomberg) -- House Republican leaders canceled a planned vote on Thursday night on Speaker John Boehner's plan to allow higher tax rates for annual income above $1 million, throwing already-stalled budget talks deeper into turmoil.
"The House did not take up the tax measure today because it did not have sufficient support from our members to pass," Boehner, an Ohio Republican, said in a statement. He called on President Barack Obama and Senate Majority Leader Harry Reid to come up with legislation to avoid more than $600 billion of tax increases and spending cuts scheduled to start in January.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access