You can now read 10 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe


Schumer rejects bid for new tax code with lower rates

WASHINGTON — Senator Charles E. Schumer of New York, the Senate’s third-ranking Democrat, threw cold water Tuesday on one emerging approach for striking a bipartisan deficit-reduction deal — an overhaul of the tax code that lowers top income tax rates but raises more revenue. Schumer’s position complicates efforts to seal a deal before January, when the ‘‘fiscal cliff’’ of tax increases and automatic spending cuts goes into effect.

In a speech to the National Press Club, Schumer branded the idea of a tax code overhaul that could simultaneously lower the top rates, bring in more revenue, and protect middle-class taxpayers from increases as ‘‘little more than happy talk.’’

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week