Negotiators made progress overnight as they tried to reach a last-minute U.S. budget deal that would let income taxes go up on some top earners.

With taxes set to increase for almost every U.S. worker at midnight, there is still no agreement yet and gaps between the two parties remain, according to people familiar with the talks who requested anonymity. Republicans and Democrats were narrowing the threshold for tax increases to between $400,000 and $500,000 in annual income.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access