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Tim Geithner Just Quashed Hopes Of A Bush Tax Cut Extension
Business Insider ^ | 07/22/2010 | Gus Lubin

Posted on 07/22/2010 12:49:00 PM PDT by SeekAndFind

Following comments from Senate Democrats expressing willingness to extend Bush tax cuts, the White House dispatched Tim Geithner to kill the buzz.

Tim just announced Obama's plans to let the tax cuts expire for wealthy Americans in January, according to WSJ. Which is what people expected all along.

WSJ:

Mr. Geithner said there is "still some uncertainty about how strong the recovery is going to be," which may be impacting spending decisions by businesses and individuals. But he discounted that as a reason to extend the Bush-era tax cuts for top earners, saying most private forecasts show moderate economic growth and increasing public confidence in the recovery.

He also rejected concerns voiced by business groups and many Republicans that the administration's economic policies are creating uncertainty and holding back private investment. "Business always wants their taxes lower and always wants to live with less regulation," he said, adding that U.S. firms are "doing very well…competing around the world."

(Excerpt) Read more at businessinsider.com ...


TOPICS: Breaking News; Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: bushtaxcut; bushtaxcuts; congress; democrats; economy; elections; geithner; liberalfascism; middleclasstaxhike; obama; obamabreakspromises; obamalied; taxcheatparty; taxcut; taxcuts; taxes; taxhike
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1 posted on 07/22/2010 12:49:04 PM PDT by SeekAndFind
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To: SeekAndFind

Mr. Geithner said there is “still some uncertainty about how strong the recovery is going to be,”

...BWAHAHAHAHA Mr Tax Cheat! You funny you are! You need your own TV sitcom! Call it “America Idled”.


2 posted on 07/22/2010 12:52:01 PM PDT by albie
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To: SeekAndFind

Ok, so they’ll expire for “wealthy Americans” - so where’s the bill to extend the 10% bracket, then? Where’s the bill to extend the adoption tax credit?


3 posted on 07/22/2010 12:52:18 PM PDT by mvpel (Michael Pelletier)
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To: SeekAndFind

I hope the GOP members running in the November elections hammers this subject home. This should be a winner.


4 posted on 07/22/2010 12:52:25 PM PDT by Uncle Hal
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To: SeekAndFind

This guys is living in fantasyland. I guess medicre growth is enough for him. Those phrases should be used against all Rats in the elections. Obama and the rats think the economy is growing strong enough.


5 posted on 07/22/2010 12:52:57 PM PDT by for-q-clinton (If at first you don't succeed keep on sucking until you do succeed)
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To: SeekAndFind

I seriously doubt Tim Gietner could quash a pecan without a pair of pliers. He really doesn’t hold that much sway on the Hill, even with the true believers.


6 posted on 07/22/2010 12:53:14 PM PDT by equalitybeforethelaw
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To: SeekAndFind

Please, let’s stop using this term “wealthy” to describe the highest bracket taxpayers. The 33% bracket runs from the 170s to the low 200s for single or married. The 35% kicks in at 373k.

Ask professionals or business owners who work their asses off if they thing they’re “wealthy.”

If the Democrats are so concerned about this, then why don’t the tax the truly “wealthy” rather than cut the brackets at these levels?


7 posted on 07/22/2010 12:55:02 PM PDT by A_Former_Democrat
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To: SeekAndFind

I’m sure CEOs of some businesses contemplating a move offshore are making their minds up today.


8 posted on 07/22/2010 12:55:08 PM PDT by ScottinVA (The West needs to act NOW to aggressively treat its metastasizing islaminoma!)
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To: SeekAndFind

I thought the only people whose taxes were cut by Bush were “the rich.” You mean the libs lied about that?


9 posted on 07/22/2010 12:55:20 PM PDT by colorado tanker
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To: SeekAndFind
"...most private forecasts show moderate economic growth..."

The dude isn't using gov't forcasts?

10 posted on 07/22/2010 12:56:56 PM PDT by Paladin2
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To: SeekAndFind
Increase taxes for the “rich” and the “rich” doesn't hire people and unemployment stays high. The “rich” then gets pissed off and no longer contributes to the Rats and Republicans get the majority back. This time we pick real Conservative candidates to not only replace the Rats but also replace RINOs.
11 posted on 07/22/2010 12:57:39 PM PDT by tobyhill
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To: SeekAndFind
These will be massive tax rate increases from the current rates.

If this nitwit doesn't understand that these rate increases will have massively deleterious effects on the economy, he shouldn't be treasurer for the kids' afterschool baseball league, much less Secretary of the Treasury.

However, I am certain that the Kenyan Clown and all of his circus would be delighted to see such massive damage to our economy.

12 posted on 07/22/2010 12:57:55 PM PDT by snowsislander (In this election year, please ask your candidates if they support repeal of the 1968 GCA.)
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To: SeekAndFind

Stupid arrogant @$$hole ! **** these Goldman Sachs executives. They should be hung up to dry instead of being involved in gov’t policy which is good for executives who already made their money but pull up the ladder behind them as they climb up so no one else succeeds financially !


13 posted on 07/22/2010 12:58:43 PM PDT by CORedneck
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To: mvpel
I don't consider myself wealthy financially, but I will see a $2000 tax increase if the child tax credit goes to it's pre-Bush tax cut level.
14 posted on 07/22/2010 12:58:50 PM PDT by jaydubya2
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To: SeekAndFind

I don’t know why anyone attributes any authority whatever to a Treasury Secretary who is an acknowledged tax cheat and who, after over a year and a half in office, has still to see his signiture on the currency.

I bought a little “Tax Cheat” rubber stamp to use upon the appearance of the first Geithner Federal Reserve notes. It’s been gathering dust on a shelf above my desk for well over a year.


15 posted on 07/22/2010 12:59:38 PM PDT by Mobties
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To: Uncle Hal
And it also ought to put the final nail in 0's reelection hopes.

I saw an article somewhere today that came right out and said that 0 wont even run in 2012. Might explain why he's doing some of the things he's doing. The article also speculated that PIAPS would step in and be the dims candidate.

Gotta think fire to the frying pan on that one.

Geez, when will it end?

16 posted on 07/22/2010 1:00:51 PM PDT by skimbell
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To: SeekAndFind
They think they boxing the GOP in but the GOP will sign the extensions for “middle-class” and it will be up to the Rats to extend it or not for the “rich”.
17 posted on 07/22/2010 1:01:18 PM PDT by tobyhill
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To: SeekAndFind

I don’t care how many Democrats say whatever, there is no way in hell Obama will sign a bill to extend the Bush tax cuts.

Prove me wrong.


18 posted on 07/22/2010 1:02:08 PM PDT by bigbob
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To: mvpel
Ok, so they’ll expire for “wealthy Americans” - so where’s the bill to extend the 10% bracket, then?

Exactly! Lets see the bill that extends the lower marginal rates and lets see it RIGHT NOW!!! Face it, all income levels are going to get SLAMMED with higher federal income tax rates resulting in all working American having less take home pay.

19 posted on 07/22/2010 1:02:13 PM PDT by avacado
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To: SeekAndFind

When did the Sec. of the Treasury become a member of Congress? ‘Cause according to my reading of the Constitution, CONGRESS is the body which has the power to tax, the power to reduce same, not one or another of the members of the Cabinet.


20 posted on 07/22/2010 1:02:45 PM PDT by MozarkDawg
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To: mvpel

That’s funny - my tax liability went down when the Bush tax cuts were enacted, and yet I don’t feel wealthy.


21 posted on 07/22/2010 1:03:03 PM PDT by ZirconEncrustedTweezers (Hang in there, baby! November's comin'...)
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To: SeekAndFind

“...plans to let the tax cuts expire for wealthy Americans...” = raising MY taxes. And I’m far from wealthy.


22 posted on 07/22/2010 1:04:20 PM PDT by swain_forkbeard (Rationality may not be sufficient, but it is necessary.)
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To: SeekAndFind
"Business always wants their taxes lower and always wants to live with less regulation,"

Yea, it has something to do with being able to re-invest, expand operations and hire new people. Higher taxes and stifling regulations are natural enemies of growth, you buttmunch.

What a clueless bunch of asshats.


23 posted on 07/22/2010 1:06:00 PM PDT by reagan_fanatic (Never trust anyone who points their rear end at God while praying.)
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To: SeekAndFind

Hey, Geitner, without those tax cuts there will BE NO RECOVERY.


24 posted on 07/22/2010 1:06:17 PM PDT by madison10
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To: albie

The last thing America needs in 2011 is a 50% tax increase, yet that’s exactly what many are going to see. And then, this guy and many RATS will say ‘’Gee we didn’t know this could happen, must be Bushs’ fault.’’


25 posted on 07/22/2010 1:09:23 PM PDT by Waco (From Seward to Sarah)
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To: SeekAndFind

Geithner is worth between $300 million and $ 600 million, of course. Is there anything as vomitous as a man with that money demanding you and I pay more taxes?


26 posted on 07/22/2010 1:16:37 PM PDT by pabianice
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To: SeekAndFind
Dear Huessien Obamah,

My business is slowly recovering from your 1st year in office.

I was considering hiring 2 people in a few months, but I will have to hold off on that and use that money to pay my family's higher taxes.

Please Stop your jihad on America Business!!!

-Texas Small Businessman-

27 posted on 07/22/2010 1:16:52 PM PDT by TexasCajun
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To: equalitybeforethelaw; All
"I seriously doubt Tim Gietner could quash a pecan without a pair of pliers. He really doesn’t hold that much sway on the Hill, even with the true believers."

Photobucket

28 posted on 07/22/2010 1:17:00 PM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: ZirconEncrustedTweezers

Well, that good you don’t feel wealthy. In 2011 you won’t have too far to fall. By 2012, you might ‘get it’ - it takes a while for some.


29 posted on 07/22/2010 1:25:30 PM PDT by presently no screen name
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To: SeekAndFind

Because they will ‘change’ the name from what they called it, ‘a tax cut for the rich’, now they will call it a tax cut for the ‘middle class’. Why?

Elections are coming .

WE ARE COMING FOR YOU CONGRESS.


30 posted on 07/22/2010 1:26:18 PM PDT by Freddd (CNN is down to Three Hundred Thousand viewers. But they worked for it.)
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To: SeekAndFind

Because after all, only rich folks got the Bush tax cuts.

I am of course using THIS administrations’ definition of “rich”, which keeps getting revised down every day.

Eventually if you are not on some form of government welfare you will be classified as “rich”.


31 posted on 07/22/2010 1:29:37 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: A_Former_Democrat

I do not consider 170 to 370 a year to be wealthy. It’s definitely upper-middle class, but that person’s not going out to buy extravagant properties, build impressive buildings, or get rich in land speculation.


32 posted on 07/22/2010 1:38:37 PM PDT by xzins (Retired Army Chaplain and proud of it. Those who truly support our troops pray for their victory!)
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To: SeekAndFind

Tim Geithner is an idiot!!


33 posted on 07/22/2010 1:40:04 PM PDT by Jim Robinson (JUST VOTE THEM OUT! teapartyexpress.org)
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To: SeekAndFind
Geitner has as much credibility as Obama does.

Which is to say, none.

34 posted on 07/22/2010 1:41:38 PM PDT by Scott from the Left Coast
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To: SeekAndFind
I'm going Galt in January. Budgeting what I need to make my "nut" and then just walking away. I've got 6 months living expenses saved, no debt and 1 kid in college on partial scholarship to a state school in town.

I will make sure that I flood the IRS with paperwork on every purchase that I can. I want them to feel like they're drinking out of a fire hydrant.

Don't feed the beast, CHOKE the beast with paper.

for the libs that lurk and read this, people like me studied during college and banged your girlfriend while you smoked pot, played with yourselves and talked about how great you were without doing anything.

35 posted on 07/22/2010 1:43:03 PM PDT by erman (Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy.)
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To: Secret Agent Man
I am of course using THIS administrations’ definition of “rich”, which keeps getting revised down every day.

Sad thing about the Obama economy is that if you happen to be fortunate enough to have a job, you're rich.

36 posted on 07/22/2010 1:43:22 PM PDT by Scott from the Left Coast
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To: All

Stock market was up today on good tax rate news.

Stock market will crash tomorrow based on Obamanomics.


37 posted on 07/22/2010 1:45:22 PM PDT by OldNavyVet (One trillion days, at 365 days per year, is 2,739,726,027 years ... almost 3 billion years)
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To: albie

Not sure 1% GDP growth in 2011 can be considered “strong” at all...


38 posted on 07/22/2010 1:46:07 PM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: SeekAndFind

I can see a Tax Revolt from my house!


39 posted on 07/22/2010 1:47:36 PM PDT by Hoosier-Daddy ( "It does no good to be a super power if you have to worry what the neighbors think." BuffaloJack)
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To: skimbell
I saw an article somewhere today that came right out and said that 0 wont even run in 2012

Is the MSM finally catching on to that notion, or was this someone else realizing it?

40 posted on 07/22/2010 1:49:58 PM PDT by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
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To: SeekAndFind

“Mr. Geithner said there is ‘still some uncertainty about how strong the recovery is going to be,’ which may be impacting spending decisions by businesses and individuals.”

So let’s kill the recovery by raising taxes. Rocket Scientist.


41 posted on 07/22/2010 1:50:08 PM PDT by Hoosier-Daddy ( "It does no good to be a super power if you have to worry what the neighbors think." BuffaloJack)
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To: SeekAndFind

BTTT

Glenn Beck is right. Congress has been shut out of budget decisions.


42 posted on 07/22/2010 1:50:59 PM PDT by hattend (Like a termite to wood, Obama only wants to destroy - Mark Levin)
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To: xzins
The first fallacy of their "wealthy" claim is that they are speaking of income, not wealth. This does nothing to the wealthy--it hits those who are trying to better themselves (i.e., income) and promotes keeping the class divisions as they are.

Republicans are idiots for not throwing that back at Dems everytime they push for their progressive income taxes--that they are just trying to keep people in their place.

43 posted on 07/22/2010 1:52:56 PM PDT by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
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To: Mobties
"has still to see his signiture on the currency."

Funny, I was just thinking about that the other day while looking at the reverse of the new penny that looks like something I would have seen in Loony Tunes.

44 posted on 07/22/2010 1:53:19 PM PDT by Drill Thrawl (Rahm and George at Doe's when the knife came down)
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To: SeekAndFind

I was arguing with a Lib the other day about “wealthy” Americans. She considered anyone that made more than $35K a year to be “rich”.


45 posted on 07/22/2010 1:55:05 PM PDT by VeniVidiVici (Unemployment has DOUBLED since the Democrats took control of congress)
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To: Gondring
Republicans are idiots for not throwing that back at Dems everytime they push for their progressive income taxes--that they are just trying to keep people in their place.

Excellent point.

Also, I don't believe in any progressive income tax. If the tax is an American's way to contribute to the nation, then those who don't contribute are less American than those who do. Those who contribute less are less American than those who contribute more.

I don't like the income tax, but if it were my only option, I'd push for one rate that probably wouldn't have to be more than 8 or 9 percent.

46 posted on 07/22/2010 1:57:12 PM PDT by xzins (Retired Army Chaplain and proud of it. Those who truly support our troops pray for their victory!)
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To: ZirconEncrustedTweezers; All

“...I don’t FEEL tardy...”

LOL. Sorry, that was the first thing that jumped into my mind.

My wife and I live on a quarter acre in ranchland in a little 1963 simple ranch (the ones that were built by the millions back then) and we are going to be hit big. We aren’t “rich”, but we are comfortable.

I suspect anyone seen as ‘comfortable’ is also seen as ‘rich’. Never mind we never bought things we couldn’t afford and tried to manage our own financial future without depending on Social Security income. People like me are viewed as the cash cow.

As damaging as letting the Bush Tax Cuts expire will be, I also think the cumulative effect of a LOT of things is going to be amazingly destructive to the economy.

For example, they want to get rid of the Health Care Savings accounts. Sure, that may only be a few thousand off your taxable income. But it is a few thousand. It is the tip of the iceberg.

When I explained this to someone, she said “Why would the government get rid of HSA’s? They don’t cost them anything? I told her they were viewed by the government as potential revenue.

Next, the mortgage credit will go. Now, I can see where we could do it, if the entire housing industry and tax structure is revamped in lock-step.

But we all know it won’t be. They will FIRST get rid of the mortgage tax credit, and somehow never get around to addressing the reasons why it was there in the first place and the results of having it in place for so long.

I see lots of iceberg tips. And as I have said before, I don’t think the deleterious effects of all this are unintended.


47 posted on 07/22/2010 1:58:22 PM PDT by rlmorel (We are traveling "The Road to Serfdom".)
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To: SeekAndFind

“that U.S. firms are “doing very well…competing around the world.”

Gee Tim, what firms would those be Tim? How many small businesses are in that count?


48 posted on 07/22/2010 1:59:20 PM PDT by lastchance (Hug your babies.)
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To: A_Former_Democrat

As someone in the top 1% myself, I understand what you mean (when I think of “rich”, I think of Warren Buffett with $60 billion). The thing is, the average household in the United States makes $4,167 per month. The top income tax bracket doesn’t kick in until $31,083 per month.

To most people that is rich, *especially* when you consider that those of us in the top 1% know how to use private pensions, tax shelters, trusts, partnerships, and corporations to lower our income considerably. (By the time all of the tax breaks after factored in, an income of $31,083 is probably really an income of $50,000+ per month if it’s done right.)

Also, at that level of income, whether you are “wealthy” or not depends on if you on a business or you are collecting a paycheck.

What I mean is, if you are a high paid executive and you get $31,000+ per month, that’s it. If you stop working, the checks cease. Game over.

If, however, you get that same $31,083 per month from owning shares of a private business, such as a commercial plumbing firm you built from a start-up, at even a low capitalization rate of 11x EBIT, your “shares” are worth nearly $4,000,000.

You may have $0 in the bank but the reality is you are still worth a cool $4 million. Instead of owning stock in McDonald’s or Berkshire Hathaway, you own shares of *your* company. Most people can’t “see” it so they don’t believe it. They suddenly think they got rich after selling their business but they were always that rich, they just exchanged stock in a private firm for cash.

A much, much bigger problem is the middle class is being taxed out of existence. When Buffett was in his 20’s and 30’s, the payroll tax was only 3% if I remember correctly. Today, it can go as high as 15.3% for self-employed business owners. A family making less than $150,000 per year has to work their ass off just to pay the IRS and, proportionately speaking, they are paying more than ever before. That is the sick part of this mess.

The ONLY way I would support increasing my taxes would if they raised the bracket on on income over $1,000,000 per year and they drastically CUT the payroll tax back to the level of the 1950’s to give small business owners a shot at getting off the ground.

Someone who is self-employed has to be able to keep most of the money he earns in the early years and Congress is killing off these men and women with tax increases. It has to be fixed. I know it was my biggest obstacle when I started out and, frankly, I’m not sure how much longer the American dream can stay alive if they keep reaching their hands into the pockets of entrepreneurs.


49 posted on 07/22/2010 2:15:42 PM PDT by WallStreetCapitalist
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To: SeekAndFind; All

I don’t understand how this contradicts yesterday’s article at all.

The Dems emphasized middle class. It was pretty obvious they were going to let the rich suffer, not EXTEND ALL the cuts.

This article is just being a bit overdone.


50 posted on 07/22/2010 2:29:13 PM PDT by rwfromkansas ("Carve your name on hearts, not marble." - C.H. Spurgeon)
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