Skip to comments.(Tax-cheat Timmy) Geithner: Tax hikes must be part of budget (will correct 'fiscal problems')
Posted on 02/15/2012 1:42:03 AM PST by Libloather
Geithner: Tax hikes must be part of budget
By Peter Schroeder - 02/14/12 01:18 PM ET
Treasury Secretary Timothy Geithner told skeptical Republican senators Tuesday that it is simply not possible to correct the nations fiscal problems without raising taxes.
Geithner defended President Obamas 2013 budget proposal before the Senate Finance Committee and said the plan is the only option he sees for helping the economy and addressing the deficit without hurting the middle class.
"I do not see how you get there if you are unable ... to contemplate and to embrace modest increases in revenue through tax reform," Geithner said. "I just dont think its possible."
Geithner found himself playing defense before Republicans on the panel, especially regarding the president's plan to increase taxes on the nation's highest earners.
"It is clear that [Obama's] plan would only make our fiscal problems worse and harm our economy by imposing around $1.9 trillion of stifling tax hikes," said Sen. Orrin Hatch (R-Utah), the ranking member of the panel.
"This budget is a plan for a permanently larger, European-style government. It does not set our country down a sustainable fiscal path. It does nothing to change the Presidents unwavering devotion to tax-and-spend policies and failed stimulus schemes that have and will continue to generate historic deficits and levels of debt," Hatch said.
Geithner argued the deficit cant be tamed without tax hikes and said that cost should fall on wealthy households.
"We do not believe there is a feasible way or a fair way to restore fiscal sustainability without asking a very small fraction of the most fortunate Americans to bear a modestly higher burden for the privilege of being Americans," Geithner said.
The president's budget proposal included a number of tax increases targeting the wealthy, including higher taxes on investment dividends and capital gains. The president also called for Congress to enact the "Buffett Rule," ensuring millionaires pay at least 30 percent of their income in taxes, although it was not officially included in the budget proposal.
Geithner also sought to rebut claims that Obama's budget would harm the economy. GOP lawmakers blasted the president's proposal Monday, arguing it would lead to economic ruin and a debt crisis on par with that in Greece.
Obama's top economic official acknowledged that the economy still is shaking off the recession, but said the nation is on solid footing and would be in even better shape if lawmakers adopted the White House budget.
"If those were embraced by Congress tomorrow ... there would be substantially more confidence around the world," he said. "I don't believe there is a credible argument to make that uncertainty about our fiscal deficits ... is having a material adverse effect on the American economy."
Geithner also had to fend off questions from multiple lawmakers in both parties about why the White House does not plan to offer a comprehensive tax reform proposal. He said the White House planned to offer a "framework" for corporate tax reform in the coming weeks, but no new efforts on overhauling the individual tax code.
When asked why the White House was not interested in even offering a plan this year, Geithner said the failed attempt by Obama and House Speaker John Boehner (R-Ohio) to strike a broad deal this summer proved the two sides were too far apart on the issue right now.
"We took a run at trying to negotiate a framework like that with the Republican leadership in the House over the course of the summer," he said. "We found no basis for agreement on even the broad framework. ... We're just trying to be realistic."
The president also called for Congress to enact the “Buffett Rule,” .....I thought the rule was trying to avoid taxes, which Buffet is doing and has been doing for over six years in the Courts.
So: Where are the cuts in spending.
What: Just to the military? That doesn’t make sense.
Because everybody KNOWS that Jobs, prosperity, and economic utopia is always only one massive tax hike away.
0bama’s plan to get reelected can be summed in in one statement “its the TAX Increases Stupid”!
He is laying down the framework to leverage every ounce of class envy/warfare his union socialist thugs can muster to take on the GOP who’s platform will be “Jobs”.
TAX INCREASES VS. JOBS...or even more simplified “Socialism” VS. “Capitalism”.
This is how he believes he can get more votes than his GOP opponent, and it will tear this country apart.
Not that any of the matters to 0bama.
The Elf Lord should be locked up in the bughouse with his fiends..
In an ideal world, no one would have to pay any taxes. But since we don’t live in that world, we have to make the best of this one, and if the public wants benefits from the government, someone has to pay for them.
For instance, at present a midlevel military officer can retire after twenty years and draw a retirement income of about $45,000 a year, plus excellent health benefits. Most of these retirees are working full time at other jobs. All right, it is great to do something for those who served in the military, but when people who paid into a retirement system (social security) all their working lives are being told that they are going to have to wait until they are older (67, 68?) to get their full benefits, I think it is fair to ask the mid 40’s retired military to wait as well. Like another 20 years. They didn’t fund their retirement at all. It’s funded by you and me, the taxpayers.
As to the fairness of “raising taxes”, I would be in favor of following Reagan’s lead in his Tax Reform Act of 1986, where he had capital gains taxed at the same rate as earned income. It made sense then, it makes sense today. Why should someone who made a bundle investing in Chinese stocks pay a lower tax rate on his income than someone who worked as an employee of an American company? Ronald Reagan still has a lot to teach us, if we will only listen.
Yes, the Elf Lord wants his enemies to slit their throats by approving tax increases in an election year. Looks like they are not rising to the bait.
“Higher Taxes To Increase Revenue Is Like F***ing For Virginity.”
No getting around it, we are doomed!
Simplicity is beyond their grasp.
The simple cure to massive government debt is to strip the government down to the basic functions and duties that the Constitution set forth initially.
When massive layoffs of government workers occur along with complete elimination of the huge regulatory agencies, make the worthless government “paper pushers” work in the fields to replace illegals and make them actually earn their way in this life.
Without the fog of governmental regulations that stifle business and manufacturing, meaningful jobs and employment will quickly fill the void and we will become the nation we once were.
Real simple.......simply do it!
“TAX INCREASES VS. JOBS” ♫ DING DING DING ♪ Quote of the day! That’s it in a nutshell! n/s
Is this geither felon still using Turbo Tax?
How he got confirmed is beyond me.
Now it’s H&R Block!
FUTG ! Another Gov’t Sach’s executive that pulled the trigger in Sep 2008 !
obamma adds $5 Trillion dollars to the national debt, then complains we need to rasie taxes to pay for it! obamma more than maxed out our nation’s credit, then has the audacity to demand we pay for it with higher taxes.
Thanks Vintage Freeper for posting this: