WDEL ALERT: Southbound I-495 bridge open, NB still closed




Senator Coons: No "fiscal cliff" deal? No problem
By Frank Gerace

Senator Chris Coons (D)
There won't be a deal to steer away from the so-called "fiscal cliff," but Senator Coons says even with no agreement between Capitol Hill lawmakers by New Year's Day, damage to the economy can be limited.

Delaware's junior US Senator tells WDEL News terms being negotiated Monday involved tax hikes on income over 450 thousand dollars per year, which doesn't mean what some may think.

"It doesn't mean that taxes go up for households making more than that--it means that the tax rates go up on income above that, on the first 450 thousand of income. Those earning millions would still be at the lower current rate. It's a marginal- rate increase."

Click here to listen



House members said Monday afternoon they wouldn't vote on a "fiscal cliff" deal, so automatic tax hikes and spending cuts will take effect at midnight Tuesday.

Coons last week said he views the "cliff" as more of a "slope," and that its negative economic consequences can be reduced if legislators can agree on a deal sometime in January, which Coons thinks is a possibility.



Copyright © Aug 01, 2014, WDEL/Delmarva Broadcasting Company. All Rights Reserved.
This material may not be published, broadcast, rewritten, or redistributed.




WDEL News Tools:
Printer friendly version
Back to homepage



 Latest News

 Follow Us

Facebook Twitter
RSS Mobile
Email Updates




Copyright © 2014, Delmarva Broadcasting Company. All Rights Reserved.   Terms of Use.
WDEL Statement of Equal Employment Opportunity and Outreach