Boehner proposes tax increase for millionaires

WASHINGTON—For the first time as the Republican leader, House Speaker John Boehner has proposed tax rate increases for the highest-earning Americans. The offer, as part of the ongoing fiscal cliff negotiations, was made Friday and came with the condition that President Barack Obama must agree to major entitlement cuts.

This unexpected Republican concession, according to published reports, would boost taxes for those with annual incomes of $1 million or more. Yet President Obama has called for allowing tax rates to rise for those earning $250,000 and more, and Democrats still see their wins in November as giving them leverage to not cut as much of the federal government's spending as Republicans would like.

As a result, talks on a fiscal cliff deal remain stalled with about two weeks remaining until the series of tax hikes and spending cuts hit.