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 ...
I should’ve posted this link which is a good explanation of what they’re doing...attacking the job creators the 95-99%’ers. They fully intend that Americans are out of work and destitute...it’s part of their ‘punishment’ of the bad bad Americans ideology.
http://www.redstate.com/vladimir/2010/07/24/thank-you-senator-kerry-thank-you/
Pay them all doublke if they stay home.
BARE-FACED LIAR!!
UTTER MORON
I hate that douche bag, Geithner ! I am sure he had a major role in the crash of Sept 2008 !
Libs look at the Clinton years when the economy expanded despite Clinton’s tax hikes. Clinton rode the tech boom which overcame whatever tax hikes might have inhibited growth. But Clinton, under pressure from a Pubbie congress, also lowered the cap gains tax which resulted in an avalanche of revenue which balanced the budget. So the libs are drawing the wrong conclusions. I doubt Obama will be able to ride another tech boom to overcome his tax hikes. He’s a true economics ignoramus.
The list, ping
@sswipe Timmy “the tax cheat” Geithner
it’s deliberate
The question is, which is "worse?"
1) All the tax cuts expire, small businesses continue to struggle/hibernate/die, Joe Sixpack sees his taxes go up, and remembers Obama's promise. They could make vague promises they will cut some taxes in 2011 if necessary, but I don't think independents will buy the MSM version of the story, so 2010 and 2012 would be a rough deal for Dems.
2) Dems allow renewing the cuts for <250K but small business still suffers (how many small businesses are in the 250K-1M range?). I think this is likely but not certain. Whether they could get away with this in November depends on how the economy is doing then.
3) Dems allow renewing the cuts for everyone except the "super-rich." I'm not sure what % of the public that would be.
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