Finance expert Mike Periu on the latest negotiations to avoid the new fiscal cliff.
Monday proved to be an important day in the fiscal cliff negotiations. Both President Obama and Speaker Boehner made important concessions to their positions in the hopes of striking a deal. On which taxpayers should see an increase in tax rates, President Obama was firmly set on making $250,000 in annual income the cutoff which Speaker Boehner was firmly against an increase in marginal tax rates. Then the Speaker offered an important compromise, agreeing to an increase in marginal rates on incomes above $1 million. The President countered with $400,000 as the new cutoff, also an important compromise.
That is where it stands now. With regard to spending cuts, the President has offered to fast track targeted cuts during 2013 and 2014. Both men will meet with their party leadership today to determine the political acceptability of this compromise. To be clear, no deal is yet in sight.
Who is Mike Periu?
Mike Periu is the President of Proximo, LLC, a company that markets education and training programs to small business owners, entrepreneurs and consumers.
Mike Periu has been interviewed over 500 times for broadcasters including CNN, NBC TVE, RTE and others. Mike is a contributing author to OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike graduated from Georgetown University in Washington, DC. His degrees are in Finance and International Business. In addition to his work Mike is also on the Board of the Council for Economic Education.
