The president 's proposal would extend the lower rates for people earning up to $ 200,000 a year or families earning up to $ 250,000 while allowing the rates for those earning more to return to the higher levels of the 1990s . NEW : Party leaders name negotiators for tax talks . The parties have agreed to a series of measures that would raise taxes on the wealthy and cut spending by about $4 trillion over 10 years. Republican Senate leader indicates no leeway on GOP call to extend all tax cuts . The meeting has been dubbed the `` Slurpee summit ''
NEW : Party leaders name negotiators for tax talks . The parties have agreed to a series of measures that would raise taxes on the wealthy and cut spending by about $4 trillion over 10 years. Republican Senate leader indicates no leeway on GOP call to extend all tax cuts . The meeting has been dubbed the `` Slurpee summit ''