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Treasury Secretary Says Letting Bush Tax Cuts for Rich Expire Will Not Slow Economic Growth
ABC News ^

Posted on 07/24/2010 5:14:25 PM PDT by Sub-Driver

Treasury Secretary Says Letting Bush Tax Cuts for Rich Expire Will Not Slow Economic Growth

July 24, 2010 6:00 PM

In an exclusive interview on ABC News’ "This Week" to air Sunday, Secretary of the Treasury Timothy Geithner said the White House would push to let the Bush tax cuts expire for individuals making more than $200,000 a year and families making more than $250,000, but keep them for middle and lower income Americans.

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

ABC News pointed out that Alan Greenspan, former chairman of the Federal Reserve, told Bloomberg News that letting the tax cuts expire -- which the former Fed Chair supports -- would “probably” slow growth, “but I think we have no choice in doing that, because we have to recognize there are no solutions which are optimum. These are choices between bad and worse.”

(Excerpt) Read more at blogs.abcnews.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: 2tiertaxes; alangreenspan; chieftaxcheat; corruptamerica; geithner; geithnertaxcheat; greenspan; ironyofironies; notaxes4congress; notaxes4dnc; notaxes4geithner; notaxes4kerry; notaxes4obama; notaxes4rangel; obeytaxcheat; taxcheat; taxcheatspeaks; timothygeithner
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FAIL.........
1 posted on 07/24/2010 5:14:28 PM PDT by Sub-Driver
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To: Sub-Driver

Incompetence - why fight it?


2 posted on 07/24/2010 5:17:21 PM PDT by JmyBryan
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To: Sub-Driver

Geithner is soooo dumb. To him a recovery is a depression and tax hikes won’t hurt that.Did you know that geithners dad worked at the ford foundation with barrys mom?


3 posted on 07/24/2010 5:17:55 PM PDT by DCmarcher-976453 (SARAH PALIN 2012)
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To: Sub-Driver

Not if they do their taxes like Timmie.


4 posted on 07/24/2010 5:19:14 PM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: Sub-Driver

This is totally insane!


5 posted on 07/24/2010 5:19:45 PM PDT by 23 Everest (Zero, Glittering Jewel of Colossal Ignorance.)
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To: Sub-Driver
“We think that's the responsible thing to do.”

This is from the guy who dodged paying taxes?

6 posted on 07/24/2010 5:19:52 PM PDT by blackbart.223 (I live in Northern Nevada. Reid doesn't represent me.)
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To: Sub-Driver

I swear, this bunch is either deliberately trying to destroy our economic system, or they’re the biggest bunch of idiots and fools ever to occupy the office.


7 posted on 07/24/2010 5:20:07 PM PDT by Marathoner (Depression=I lost my job, Recession=My neighbor lost his job. Recovery=Obama loses his.)
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To: Sub-Driver

Geithner won’t have to worry about this since he doesn’t like to pay taxes.


8 posted on 07/24/2010 5:21:22 PM PDT by radioone ("The bigger the government, the smaller the citizen.")
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To: Marathoner
I swear, this bunch is either deliberately trying to destroy our economic system, or they’re the biggest bunch of idiots and fools ever to occupy the office.

How about both?

9 posted on 07/24/2010 5:21:54 PM PDT by fortheDeclaration (When the wicked beareth rule, the people mourn (Pr.29:2))
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To: Sub-Driver

which implies that he thinks that the central government can spur economic activity more than individuals.


10 posted on 07/24/2010 5:22:09 PM PDT by JohnBrowdie (http://forum.stink-eye.net)
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To: Marathoner
"I swear, this bunch is either deliberately trying to destroy our economic system, or they’re the biggest bunch of idiots and fools ever to occupy the office."

It is a combination of both.

11 posted on 07/24/2010 5:23:25 PM PDT by blackbart.223 (I live in Northern Nevada. Reid doesn't represent me.)
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To: Marathoner

you are right.

it is deliberate and intentional.

not only are they slowing the economic motor, but they are pumping the debt.

simple strangulation of the economy.

“you wanted a revolution! thats why you voted for me”


12 posted on 07/24/2010 5:23:36 PM PDT by himno hero
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To: Sub-Driver

What growth?


13 posted on 07/24/2010 5:23:49 PM PDT by KSCITYBOY
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To: Sub-Driver

Geithner is obviously an idiot...Enuff said.


14 posted on 07/24/2010 5:24:34 PM PDT by RowdyFFC
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To: Sub-Driver

Ive got a new and novel concept......

CUT SPENDING!!!!!!!!!!!!!


15 posted on 07/24/2010 5:25:45 PM PDT by M-cubed
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To: Sub-Driver

Treasury Secretary Says Letting Bush Tax Cuts for Rich Expire Will Not Slow Economic Growth


Wonder if that dumbass ever got a paycheck from a poor person.


16 posted on 07/24/2010 5:26:24 PM PDT by Grunthor (I like you but when the zombies chase us, I'm tripping you.)
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To: Sub-Driver

Timmy tweaks Atlas’ nose.


17 posted on 07/24/2010 5:29:45 PM PDT by Chaguito
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To: Grunthor
"Wonder if that dumbass ever got a paycheck from a poor person."

The turd gets one from us.

18 posted on 07/24/2010 5:29:46 PM PDT by blackbart.223 (I live in Northern Nevada. Reid doesn't represent me.)
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To: Sub-Driver
Yeah; sure is consistent with the 14th Amendment "equal protection under the law" language....

Oh, my bad!

The Constitution is not in use anymore.

19 posted on 07/24/2010 5:33:54 PM PDT by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: Sub-Driver
How do you describe somebody for whom the word "stupid" would be a gross overestimation of his intellectual abilities?


20 posted on 07/24/2010 5:35:39 PM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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To: Sub-Driver


21 posted on 07/24/2010 5:36:15 PM PDT by Chode (American Hedonist *DTOM* -ww- NO Pity for the LAZY)
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To: Sub-Driver
Just another incompetent Marxist Democrat schmuck talking through his ash. Sheeeesh I'm so sick of this bunch. And notice the scumbag who wrote the story put in "tax cuts for the rich."
22 posted on 07/24/2010 5:36:24 PM PDT by jmaroneps37 (Conservatism is truth. Liberalism is lies.)
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To: Sub-Driver
Timothy Geithner - A tax cheat and a World Class Ass-hat.

It is nearly impossible to believe that people this colossally stupid hold positions of such importance.

23 posted on 07/24/2010 5:38:58 PM PDT by Pablo64 (Political Correctness is a DISEASE. <==> TRUTH is the CURE.)
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To: Marathoner

This bunch is deliberately trying to destroy our economic system and they’re the biggest bunch of idiots and fools ever to occupy the office.


24 posted on 07/24/2010 5:39:44 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: Sub-Driver

To a true “Keynesian”, what is the point in the Government collecting taxes at all? Why not just print a couple a trillion a year for their needs?


25 posted on 07/24/2010 5:40:18 PM PDT by central_va (I won't be reconstructed, and I do not give a damn.)
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To: Sub-Driver

Didn’t Geithner have a problem paying taxes? maybe if all democrats just paid their taxes for once, the deficit would turn into a surplus


26 posted on 07/24/2010 5:41:10 PM PDT by realcleanguy
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To: Marathoner

How about both?


27 posted on 07/24/2010 5:42:34 PM PDT by RightWingConspirator (Impeach Zerobama and his band of Commie Czars)
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To: fortheDeclaration

Damn! You beat me to it!


28 posted on 07/24/2010 5:43:15 PM PDT by RightWingConspirator (Impeach Zerobama and his band of Commie Czars)
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To: Sub-Driver

Another problem with this theory - most of the beneficiaries of these soon-to-exire tax rates are not, in fact, the rich, but rather individuals of modest means who have done the prudent thing and invested for their own retirement. Since neither the tax-advantages schemes, such as IRAs and 401(k)s nor social security can provide completely for the costs of retirement, prudent individuals invest more than they can put into these arrangements, which means that they are depending on investments they’ve made that are subject to the taxes on capital gains and dividends.

The so-called “rich” won’t be particularly hurt by these tax increases because, generally speaking, they have the economic wherewithal to demand that their bargains get grossed up for the taxes they have to pay, which means that they don’t end up economically bearing the cost of these taxes - their counterparties do, and since those counterparties are usually ultimately banks, that means that the customers of those banks with limited means - us, in other words - end up bearing the economic burden of taxes that are nominally imposed on the so-called “rich.”

This guy, and democrats in general, are too stupid for words to suffice.


29 posted on 07/24/2010 5:45:24 PM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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Comment #30 Removed by Moderator

To: Sub-Driver

I wonder how this will effect small businesses? How many people employed by small businesses will lose their jobs? How many businesses will be forced to close?


31 posted on 07/24/2010 5:47:13 PM PDT by GlennBeck08
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To: RowdyFFC

I wish it were that simple, i see something much more sinister here


32 posted on 07/24/2010 5:47:13 PM PDT by mel
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To: Sub-Driver

I remember this very successful tax lawyer I know just gushing over Obama and his pick of Geithner.

Not no more.


33 posted on 07/24/2010 5:54:46 PM PDT by A_Former_Democrat
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To: Sub-Driver

Said by the man who doesn’t pay his own taxes.


34 posted on 07/24/2010 5:55:01 PM PDT by Carley (For those who fought for it, freedom has a flavor the protected will never know.)
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To: Sub-Driver

Timothy Geithner will go down in history as an imbecile, along with the rest of the clowns.


35 posted on 07/24/2010 5:56:37 PM PDT by TribalPrincess2U (demonicRATS... taxes, pain and slow death. Is this what you want?)
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To: A_Former_Democrat

that’s good to hear!


36 posted on 07/24/2010 5:58:59 PM PDT by midnightcat
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To: Sub-Driver

There’s still a chance we can continute those tax cuts. They should be paid for, of course.


37 posted on 07/24/2010 6:02:43 PM PDT by Wolfie
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To: Marathoner

38 posted on 07/24/2010 6:05:47 PM PDT by USNBandit (sarcasm engaged at all times)
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To: USNBandit

39 posted on 07/24/2010 6:08:20 PM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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To: Sub-Driver

Since we don’t have any economic growth, he’s right.


40 posted on 07/24/2010 6:10:43 PM PDT by Moonman62 (Politicians exist to break windows so they may spend other people's money to fix them.)
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To: M-cubed
CUT SPENDING!!!!!!!!!!!!!

Fifteen posts before the most obvious solution to gargantuan deficits shows up, thank you!

41 posted on 07/24/2010 6:13:52 PM PDT by budwiesest (It's that girl from Alaska, again.)
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To: Sub-Driver

This is being discussed in the context of what a Lame Duck Congress MIGHT attempt to do after the November elections.

My guess is that the Dhimmies are going to be so demoralized after the ass-whoopin’ that’s coming, that they will vindictively fail to bring any extension to the floor and will just let them all expire to stick it to all of us Tea Party people in flyover country.

Bet me.


42 posted on 07/24/2010 6:15:39 PM PDT by Bean Counter
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To: JmyBryan

NO ..It will kill it...if there were a recovery..which there isnt.


43 posted on 07/24/2010 6:16:44 PM PDT by dalebert
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To: Sub-Driver

How about REDUCING SPENDING, Timmy?


44 posted on 07/24/2010 6:17:40 PM PDT by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: Sub-Driver

choices between bad and worse..

... Is that TEA I smell brewing?


45 posted on 07/24/2010 6:19:21 PM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard)
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To: NormsRevenge

Is there anyone who does not believe that nobama and his minions are purposefully attacking the American system? What anti-American trash nobama and his ilk are.


46 posted on 07/24/2010 6:30:40 PM PDT by hal ogen
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To: dalebert
...if there were a recovery..which there isnt.

Thanks for making it clear that whatever these rulers say, the opposite is true.

I feel like I'm living an episode of Star Trek where the shields are down and will be for the next two years, plus, the Klingons (not to be confused with bitter clingers) are on board as well.

I can't wait for November to come when we might, just might, get the shields restored somewhat. Getting each and every ratbastard off the ship will encompass the next two years when we finally seat the new Star Fleet Commander.

If that doesn't happen, then Scotty has to follow the directive: Blow the Enterprise to bits. If it ain't America anymore, it's a decoy. Screw their little duck-hunt.

47 posted on 07/24/2010 6:40:58 PM PDT by budwiesest (It's that girl from Alaska, again.)
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To: hal ogen

Get rid of federal spending send it back to the states...we send them a dollar we get back 50 cents


48 posted on 07/24/2010 6:42:20 PM PDT by Hojczyk
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To: Hojczyk
Get rid of federal spending send it back to the states

In other words, we need to backtrack all the way to 1787, and reject the Constitution.

49 posted on 07/24/2010 6:45:49 PM PDT by Huck (Q: How can you tell a party is in the minority? A: They're complaining about the deficit.)
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To: Sub-Driver
Treasury Secretary Says Letting Bush Tax Cuts for Rich Expire Will Not Slow Economic Growth

Slowing, no or negative, growth seems to be an economic priority of the ZerO administration.

50 posted on 07/24/2010 6:46:26 PM PDT by depressed in 06 (2012, the end of our long national nightmare.)
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