Geithner urges quick resolution of tax cut issue (even a temporary one for the 'evil' wealthy)

AP on Yahoo ^ | 11/16/10 | Martin Crutsinger - ap

[NormsRevenge]

WASHINGTON (AP) -- Treasury Secretary Timothy Geithner said Tuesday the administration remains opposed to a permanent extension of tax cuts for the wealthiest Americans, something strongly favored by Republicans.

He said it is critical for Congress to resolve the issue before the end of the year.

Geithner said that the administration wanted to see a permanent extension of the 2001 and 2003 tax cuts for families making less than $250,000 annually. He said a permanent extension of tax cuts for households making above that amount would be very expensive.

But during an appearance at a forum for corporate executives, Geithner seemed to leave the door open for a temporary extension of tax cuts for the wealthy.

[earlJam]

Ok. Here is my compromise.

Extend tax cuts for the wealthy, with these exceptions:

1- Any bankers that make over $250,000 and who work for institutions that took TARP money.

2- Any employees of municipalities or other public institutions (schools, universities) that took stimulus money

3- Any employees of organizations that take federal money (AARP, Planned Parenthood, etc)

[updatedscreenname]

Tim knows two things:
1. If the tax cuts expire (looks likely), taxes on small business owners more than double from 15% to 39.6%, since owners take out most income as dividends. This translates to millions added to the unemployment line.
2. High dividend stocks will tank as valuations shrink. Look for companies to switch to stock buybacks instead of paying dividends.

[NormsRevenge]

That’s a reasonable set of proposals..

[montag813]

How about a Lili Ledbetter Act for government employees: All government salaries must be reduced to their private-sector equivalents: the REAL “income inequality”.

[Principled]

He said a permanent extension of tax cuts for households making above that amount would be very expensive.

What's expensive is government. That's the problem.

Further, it is absurd to assert that not taking my money is somehow someone else's expense. Frickin stupid.

[Gilbo_3]

why wasnt there wailing and gnashing of teeth by the minority to get the package extended all along...the easy solution, offer that the commies could always come back and attempt the screw the rich stuff, afterwards ???

instead we were treated to petty in-house bickering about the 'costs'...while the true costs were being allowed to crush the citizenry...