Geithner pushes plan to let tax cuts for wealthy expire

[jefferson_dem]

Geithner pushes plan to let tax cuts for wealthy expire
Posted: July 25th, 2010 09:21 AM ET

Washington (CNN) - Treasury Secretary Tim Geithner says the Obama administration will push for letting tax cuts for wealthy Americans expire while extending them for the rest of the nation.

In interviews broadcast Sunday on ABC and NBC, Geithner said the administration also favors protecting businesses from having some taxes restored to higher levels.

The administration wants to "leave in place tax cuts that are very important to incent businesses to hire new employees and to invest and expand in output," Geithner said on the ABC program "This Week."

Republicans say letting tax cuts expire for those Americans earning more than $250,000 a year will hurt economic growth as the nation recovers from the economic recession.

In particular, GOP critics say the $250,000 a year threshold means many small business owners would be included in the group seeing their tax burdens increase when the cuts enacted in the Bush administration expire at the end of 2010.

Geithner said the plan is to extend the tax cuts for more than 95 percent of country while letting them expire for about 3 percent, which he called the "highest-earning Americans."

Asked on the ABC show if letting any tax cuts expire would harm the recovery, Geithner said: "I do not believe it will have a negative effect on growth."

"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."

<SNIP>

http://politicalticker.blogs.cnn.com/2010/07/25/geithner-pushes-plan-to-let-tax-cuts-for-wealthy-expire/?fbid=NIXy5iUJAdQ

[babylonsister]

1. Stick with this, Dems! It's a winner! nt

[jefferson_dem]

2. Geithner must be trying some three-dimensional chess move in reverse.

We all know he's a Korporatist and merely a stalking horse stooge for the uber-wealthy ... or something like that.

[Donnachaidh]

3. perhaps this is a CYA move while Congress does the dirty work of keeping them

Personally, I don't buy Geithner pushing this meme, period. There is probably going to be a fight over these cuts, and I DON'T see Geithner championing anything that will benefit the middle class.

[RichGirl]

4. Wow...

That comment is the definition of seeing the glass half empty!

Maybe Geithner isn't the devil. Maybe he's a human being capable of change. Maybe he hasn't changed but thinks this will benefit him politically. Who knows. Just consider the possibilty of good things happening....it will brighten your day.

[Donnachaidh]

5. sorry, his track record would make even the brightest Pollyanna slash a wrist

But you go right ahead, thinking bright thoughts. :eyes:

He's a friend to his elitist friends - he's NO ally to the working class in this country. Never has been. He covers the tracks of banksters and rich people. He's been a great guard dog for them.

[RichGirl]

13. You know...

....you hear nothing but complaining, whining and nitpicking from the left anymore. Even when something good passes there is a focus on what's wrong with it. Here's a bit of good news....can't you just for one fucking minute enjoy it!

I will continue to think bright thoughts...it has never failed me. And you can continue to doom and gloom and rain on every parade.

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[RichGirl]

7. I bit of good news...rare these day....

...and you have to pee all over it.

[existentialist]

6. Geithner

OK, pretty much everyone here is highly suspicious of Geithner, and with good cause.

Irrespective, it seems to me the question is the proposal to let the tax cuts expire.

While everyone has their own idea as to fine tune the details, does anyone here disagree with the basic idea that letting the Bush tax cuts expire is a good idea?

Let the Republicans try to explain why reinstating those tax cuts is fiscally responsible.

[RichGirl]

11. Of course it's a good idea.

Do you think the jobless, homeless republicans are going to call their representatives and insist they extend the tax cuts????

The only reason anyone ever believed this might be a good idea is the old Reagan trickle down theory. But, for the last 10 years nothing has trickled down. In fact, defying gravity, the money has actually trickled up. So I can't even imagine what kind of reasoning it would require to defend the tax cuts.

[babylonsister]

14. That's precisely what the rethugs will do in their inimitable,

ham-handed way. And sadly, people (not even rich people) will buy it. Go figure. Some folks just can't compute what's in their best interests.

[RichGirl]

16. I don't know....

It's easy to buy their logic when you are reasonably secure, with a job and a roof over your head. But, a republican on the dole is going to have to ask himself...what have those tax cuts done for me?

We all now know...that even when companies were going bankrupt and being bailed out, they were taking big bonuses, lavish trips and pay increases. How can anyone in their right mind believe that giving more money to the wealthy is going to trickle down to them???

Here's how sick the whole thing is: A wealthy person, let's say a movie star. They get between 10 and 20 million per movie. They get tax cuts. Everything they get is free...clothes, restaurants, etc. A company wants a celebrity to be seen wearing thier clothes so that WE buy them. A night club will pay Paris Hilton one hundred thousand dollars just to go there one night, because WE will want to go to that nightclub. So...basically, these businesses are not making their money from celebrities, they are making their money from US and giving to celebrities! There is no money coming down...it's all going up!! The rich get richer...and you know....

Rent "A Bug's Life". We are the ants. The ants finally woke up...we need to wake up!!!!

[jefferson_dem]

8. Video Here -

http://blogs.abcnews.com/politicalpunch/2010/07/treasury-secretary-says-letting-bush-tax-cuts-for-rich-expire-will-not-slow-economic-growth.html

[alcibiades_mystery]

15. Major Premise: Everything Geithner does is for the benefit of "Our Corporate Masters"

Minor Premise: Geithner saves kitten from tree.
Conclusion: Saving kitten from tree is for the benefit of "Our Corporate Masters."


You can't have a legitimate discussion with people who traffic in weirdo axioms.

[Sebastian Doyle]

17. Timmy doesn't care if his taxes go up

He never pays them anyway. :evilgrin: