Over the weekend, House Speaker Boehner put forth a plan that would raise taxes on those making $1,000,000 or more rather than the $200,000-250,000 mark being talked about by President Obama. The President did not ask for the higher income cap, but we believe Boehner’s plan is reasonable and pragmatic. The cost of living is much higher on the coasts than in other parts of the country, so the magic $250,000 mark is a tougher nut to swallow for many citizens. Since we don’t have the details of the proposed plan and the White House is not yet making reasonable cuts on entitlements, this is not a done deal. However, it is a positive movement toward getting a deal completed.
Separately, it is hard to make any comment this morning without thinking about the tragedy that has befallen our nearby friends in Newtown, Ct. Our hearts and prayers go out to all those who are directly or indirectly involved. The loss of a child is something that hits home for all of us and this horrific event will be permanently etched in our minds .
Granite Group Advisors 