(Corrects current tax rate to 35 percent from 36 percent)
WASHINGTON Dec 16 House of Representatives Speaker John Boehner's latest "fiscal cliff" proposal to President Barack Obama would see the top income tax rates rise to 39.6 percent from 35 percent for those with net incomes above $1 million a year, according to a source familiar with the talks.
The source, who asked not to be identified, emphasized that the income tax rate increase would be in exchange for "significant entitlement reforms/spending cuts." Entitlement programs include Medicare and Medicaid healthcare for the elderly and poor and Social Security retirement benefits.
The White House has not accepted Boehner's proposal, according to another source. Under current law, the top tax rate is scheduled to rise to 39.6 percent on Jan. 1, unless Congress extends the current 35 percent, as Republicans had been urging.
(Reporting By Richard Cowan; editing by Philip Barbara)
UPDATE 5-Brazil defends beef after 'system-wide problem' prompts U.S. ban
CHICAGO/BRASILIA, June 23 Brazil scrambled to shore up its beef industry's reputation on Friday after the United States blocked shipments of fresh cuts, saying it found abscesses in the meat and signs of systemic failure of inspections in the world's largest beef exporter.