US fiscal deal would raise tax rates, sticking point remains -source

WASHINGTON Mon Dec 31, 2012 1:06pm EST

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WASHINGTON Dec 31 (Reuters) - An emerging deal to avoid the U.S. "fiscal cliff" would raise $600 billion in revenue over the next 10 years by increasing tax rates for individuals making more than $400,000 and households making above $450,000 annually, according to a source familiar with the talks.

The deal would also delay a series of spending cuts known as the "sequester," though a sticking point remains on how long that delay would last.

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