Tim Geithner Just Quashed Hopes Of A Bush Tax Cut Extension

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

[Mr. Jeeves]

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.

Well, it's not like they aren't doing it on purpose. Self employed entrepreneurs give union laborers and other domesticated sheep dangerous ideas about self-determination.

[M. Espinola]

Tax cheaT Timmy, the shameless shill for Goldman Sachs and the Obamatron agenda.

[GOPsterinMA]

“Don’t feed the beast, CHOKE the beast with paper.”

What a well thought out plan! This should be the dtrategy going forward - “flood the IRS with paperwork on every purchase”.

Post of the day!!!

[Boucheau]

“Business always wants their taxes lower and always wants to live with less regulation”

I know, Timuh!, aren’t those businesses that pay your bloated salary, kickbacks, payola, etc., just a big pain in your collectivist *ss?

You slimy thug!

How about removing your boot from the necks of small business?

[Gondring]

Better there were no tax cuts?

[Blood of Tyrants]

To tell the truth, only half of US citizens pay income taxes so ANY reduction of the income tax would be to the “wealthiest” Americans.

[GOPsterinMA]

“People like me are viewed as the cash cow.”

You should be held up as a model example of ‘the right way to do it’.

You rock!

[Wayne07]

It is just representative of weak leadership. It would have been better to stick up for principles and get permanent cuts, even if it meant waiting and trying again later. When was the last time Dems were forces to put on expiration on tax hikes, or on expanded entitlements?

[concerned about politics]

," he said, adding that U.S. firms are "doing very well…competing around the world."

This man is insane.

[rlmorel]

"...I’m not sure how much longer the American dream can stay alive if they keep reaching their hands into the pockets of entrepreneurs..."

Good post, but I must say...this administration is not interested in keeping the American Dream alive.

Their idea of a dream is socialism, where everyone is equally miserable.

Except, of course, The Party.

[rlmorel]

Thanks for saying so. The sobering fact is, there are a lot of people like my wife and I who played by the rules and were responsible, but now we are going to take it up the chute exactly the same as people who earned $18 an hour and purchased a $400,000 house.

I am afraid for our country. If I weren’t so well read in history, I might find myself oblivious and happier. But history does repeat itself. Sigh. I do wish (sometimes) I WERE oblivious.

[sefarkas]

The only time he came close to running a business where he'd have to please customers and make a payroll was the job he turned down with CitiBank.

Born 1961. Geithner worked for Kissinger Associates in Washington for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988 [Asian financial crises]. He went on to serve as an attaché at the Embassy of the United States in Tokyo. He was deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996–1997), assistant secretary for international affairs (1997–1998).

He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers. Summers was his mentor, but other sources call him a Rubin protégé.

In October 2003 at age 42, he was named president of the Federal Reserve Bank of New York. His salary in 2007 was $398,200. As President of the New York Fed, he served as Vice Chairman of the Federal Open Market Committee. In 2006, he also became a member of the Washington-based financial advisory body, the Group of Thirty. In May 2007 he worked to reduce the capital required to run a bank. In November he rejected Sanford Weill's offer to take over as Citigroup's chief executive.

In March 2008, he arranged the rescue and sale of Bear Stearns. In the same year, he played a supporting role to Henry Paulson, former CEO of Goldman Sachs, in the decision to bail out AIG just two days after deciding not to rescue Lehman Brothers from bankruptcy. According to some observers, Geithner severely damaged the U.S. economy

[GOPsterinMA]

What about utilizing a trust or some other type of tool(s) to minimize taxes or shelter assets?

Or, one can always stash cash.

[rlmorel]

Argh. I am just feeling pessimistic tonight. What I see ahead, shelters and cash stash, aren’t going to be useful.

I am thinking that the greenback is going to be like confederate money at the end of the Civil War, and we are going to be like the citizens of the South when it ended.

And I am a Yankee.

[rlmorel]

I guess I just don’t see how we can print trillions of dollars without facing runaway inflation.

Nobody seems to think that is much of a problem, but I do. Everyone thinks it can’t happen here.

History is full of people who had rich and prosperous lives, never wanting for anything, but they ended up stuffing paper inside their jackets to stay warm and eating things they would never have otherwise eaten whilst walking in a stream of refugees somewhere.

So many Americans think we are different, and that we can just mistreat our economy (as is now being done by this administration in a new and vigorous way) without any long term effects.

And the people we hoped would stand up are completely and totally silent.

Kind of like getting to the point where the Constitution and rule of law means nothing, and politicians simply do what is expedient to stay in power, even if it means destroying the country.

I am going up to Maine for a week soon, and it looks like a week of complete solitude. I am so pessimistic right now, I really REALLY could use that break.

[GOPsterinMA]

Well, you’re making me want to swallow a bullet...

[GOPsterinMA]

“I am thinking that the greenback is going to be like confederate money at the end of the Civil War, and we are going to be like the citizens of the South when it ended.”

Hmmm...then the ‘Amero’ gets ushered in?

“Kind of like getting to the point where the Constitution and rule of law means nothing, and politicians simply do what is expedient to stay in power, even if it means destroying the country.”

Yes - the byproducts of self-serving politicians and hacks.

“I am going up to Maine for a week soon”

Poland Spring: What it means to be from Maine. Enjoy.

[Gondring]

you mean like unemployment benefits?

[Hoodat]

Tim just announced Obama's plans to let the tax cuts expire for wealthy Americans in January

Wealth has nothing to do with these tax cuts. These are income taxes - not wealth taxes. A billionaire making $100,000 a year pays the same amount of tax as a person half a million dollars in debt who makes $100,000 a year.

[Wayne07]

Yes, another failure of principle, and another failure to get any concession from the Dems.