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Geithner: Axing Bush Tax Cuts for Wealthiest Is 'Responsible Thing to Do'

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Claiming it's "the responsible thing to do," Treasury Secretary Timothy Geithner said Bush-era tax cuts for the wealthiest Americans should be allowed to expire and that doing so would not slow economic growth.

Geithner told ABC News the White House would push to let tax cuts run out for individuals making more than $200,000 a year and families making more than $250,000, while leaving cuts in place for most Americans.

"What the president's proposing to do is to leave in place, to extend tax cuts that go to more than 95 percent of working Americans and to leave in place tax cuts that are very important to [incentivize] businesses to hire new employees and to invest in expanding output," Geithner told "This Week."

Geithner disagreed with Alan Greenspan, who said recently that letting the tax cuts expire could deter economic recovery.

Congress passed the Bush tax cuts with an expiration date to minimize their effect on projected federal deficits, The Los Angeles Times reported. They will expire this year if they are not continued. Most Republicans and a few Democrats want them extended to avoid adding a projected $2 trillion to the federal deficit during the next decade.

Geithner told ABC he expected the White House push to let the cuts expire will be mounted before the November elections.

"We think that's the responsible thing to do," Geithner said. "We need to make sure we can show the world that we're willing as a country now to start to make some progress bringing down our long-term deficits."

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27 Comments

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kt3059

Eric....one of your posts is very telling. The one stating when you worked in the private sector, telling that you currently work in the public sector. It certainly explains your position on many issues.

July 26 2010 at 6:26 PM Report abuse rate up rate down Reply
jspe7

Yes, letting those RECORD TAX CUTS for the rich expire is the right thing to do. The wealthy have had these for ten years, and that is enough. The gap between the wealthy an the working American families reached a new high during the Bush years and now is the time for us to take some of them back and reduce the deficit
Why is it that no one realizes that so much of the deficit we have today is a result of the MASSIVE 1.3 TRILLION dollar tax cuts for the rich. Of course, at the time, vice-president Chenet said "Deficits do not matter" Of course not, it was for the rich
Want to know what we got when the rich were getting those tax cuts? We got a huge TAX INCREASE because the price of gasoline soared to almost 5 dollars a gallon. This was a TAX, but the money did not go to our Treasury , but directly into the pockets of the richest people in the world, the oil companies---think you were had?
Let working Americans stop worrying about these "over-taxed" millionaires. They still have their million dollar tax lawyers who find all kins of loop-holes for them. Do you think these highly paid lawyers are saving their clients 10 dollars on their taxes

July 26 2010 at 4:50 PM Report abuse -2 rate up rate down Reply
1 reply to jspe7's comment
Broncos

those "wealthy Americans" are the ones creating the jobs for everyone else, unless of course you work for the current admin., then you just put in a czar anytime another of your friends needs a high paying job.

September 10 2010 at 1:14 PM Report abuse rate up rate down Reply
Tom

I personally know scores of people with small businesses who employ hundreds of people and none---I repeat---none of them make over $250,000 for their families and they often work, both husband and wife in those businesses. Whoever came up with the myth that increasing taxes on the wealthy will hurt small business must inhabit another planet with the likes of Palin, Boehner and Angle. In fact these people would think they were fabulously wealthy if they had a net of that amount!

July 26 2010 at 2:56 PM Report abuse -6 rate up rate down Reply
1 reply to Tom's comment
msgusarmyret77

Before the 2008 election after the Republicans started using hurting small businesses FactCheck did some research and said that only 5% of those making over $250,000 hired people.

July 26 2010 at 3:41 PM Report abuse rate up rate down Reply
altollew

PAYING ones taxes is the responsible thing to do Timmy.

July 26 2010 at 2:49 PM Report abuse +15 rate up rate down Reply
andrc657

Warren Buffett has famously said that his secretary pays a higher percentage of her salary in taxes than he does. That is because the very wealthy know how to avoid paying taxes. To quote the late Leona Helmsley, "Only the little people pay taxes." Let's end these huge tax cuts for the richest Americans and target cuts to middle income folks.

July 26 2010 at 2:13 PM Report abuse -1 rate up rate down Reply
4 replies to andrc657's comment
perfidybl

if it is the "RESPONSIBLE THING TO DO" then why hasn't the Democrat Party that has huge majorities in both chambers of congress and had a filibuster-proof majority for Obama's whole first year repealed them already?

July 26 2010 at 2:01 PM Report abuse +8 rate up rate down Reply
3 replies to perfidybl's comment
Amanda

I don't understand the class warfare. It's rediculous. Why not just give everyone the same cuts? If the wealthy are paying 20% of their income to the IRS, then the middle and lower classes should be doing the same. The wealthy are still contributing more money in taxes, but they're not being targeted by our government. I'm never opposed to a cut for ANY class. I just think the cuts should defy economic lines and go to everyone. Tax cuts ARE good for the economy. "The responsible thing to do" is to cut spending; unfortunately this is a foreign concept to our government. Isn't that common knowledge? I guess government just chooses to conveniently ignore it.

July 26 2010 at 1:52 PM Report abuse +8 rate up rate down Reply
2 replies to Amanda's comment
ettu

You are talking a flat tax, which the American people have long asked to have implemented. The reason it is not implemented is because BOTH SIDES OF THE AISLE know that it will eliminate the loopholes that our politicians and the wealthy use to shelter their assets.

July 26 2010 at 2:34 PM Report abuse +11 rate up rate down Reply
exitar01

Amanda - Another party line arguement. So ask yourself what would you cut? Would you cut the military, medicare , medicade or SSI? Those are Americas three biggest expeditures of OUR tax dollars. A flat tax - for those who never took an accounting class has benefits only for the rich - those who make more than 250k a year. That has been proven hundreds of times and thats why it was never enacted. E.G. If the tax rate is 30% and you make 30k a year you pay 9k in taxes. If you make 500k a year you pay 150k in taxes. Of course that doesn't include AMT (alternative minimum tax) for triple tax free bonds or stock dividends paid which could be a preferred stock which is a splt between bond and stock wrapped in one. What about foriegn investments that have no taxes collected in America?

July 27 2010 at 10:25 AM Report abuse +1 rate up rate down Reply
maddatgv5252

"Geithner disagreed" He must have finally paid his back taxes. These people are destroying capitalism incase no one noticed and that is where the jobs come from.Socialism will turn us into Mexicao or more like Cuba in this case.

July 26 2010 at 1:51 PM Report abuse +7 rate up rate down Reply
NKW

Geithner? Isn't he the guy who pushes money numbers around wherever they just look good? FAILED on doing his own taxes? WHO would hire him today and feel safe??? And HE is telling us how our country's money should be used???? My God we are in trouble.

July 26 2010 at 1:48 PM Report abuse +9 rate up rate down Reply
Michael Cotton

I understand the progressive thinking about taxing the rich.First ya'll need to stop spending.Another thing is If theres no incentives to be prosperous whos going to provide employment. The Government? I have never Worked for a poor man....

July 26 2010 at 1:42 PM Report abuse +4 rate up rate down Reply
2 replies to Michael Cotton's comment
perfidybl

anyone can "speculate"; and increasing your own wealth became a bad thing when?

July 26 2010 at 2:18 PM Report abuse +6 rate up rate down Reply
exitar01

Mr Cotton - stop spending on what? Could you be more specific on what you'd like to cut. This standard line from the conservatives is old and actually non-sensical. Would a conservative cut the military? That's the biggest expenditure WE Americans pay for nearly a trillion a year. That would reduce the deficit in less than 4 years. What about entitlements? Would you cut medicare? that would save 500 billion in 3 years. The incentive to be prosperous is to be prosperous. Don't worry about the wealthy and their taxes - they have tax accountants to find ways for the to pay the least amount as possible.

July 27 2010 at 10:33 AM Report abuse rate up rate down Reply

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