Tim Geithner Just Quashed Hopes Of A Bush Tax Cut Extension

Business Insider ^ | 07/22/2010 | Gus Lubin

[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."

[albie]

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”.

[mvpel]

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?

[Uncle Hal]

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

[for-q-clinton]

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.

[equalitybeforethelaw]

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.

[A_Former_Democrat]

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?

[ScottinVA]

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

[colorado tanker]

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

[Paladin2]

"...most private forecasts show moderate economic growth..."

The dude isn't using gov't forcasts?

[tobyhill]

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.

[snowsislander]

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.

[CORedneck]

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 !

[jaydubya2]

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.

[Mobties]

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.

[skimbell]

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?

[tobyhill]

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”.

[bigbob]

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.

[avacado]

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.

[MozarkDawg]

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.