White House to Allow Tax Cuts for Wealthy to Expire
By DEBORAH SOLOMON
WSJ
WASHINGTON—Treasury Secretary Timothy Geithner said the Obama administration will allow tax cuts for the wealthiest Americans to expire on schedule despite calls from a small but increasingly vocal group of Democrats to delay any tax increases.
Treasury Secretary Timothy Geithner said the Obama administration will allow tax cuts for the wealthiest Americans to expire despite calls from a small group of Democrats to delay tax increases. Kelly Evans talks to John McKinnon in Washington.
Mr. Geithner said the White House will allow taxes on top earners to increase on Jan. 1, 2011, as part of an effort to help bring down the mounting budget deficit. He said the White House still plans to extend tax cuts for middle- and lower-income Americans and expects to undertake a broader tax overhaul next year.
"We believe it is appropriate to let those tax cuts that go to the most fortunate expire," Mr. Geithner said at a breakfast with reporters, hosted by the Christian Science Monitor.
His comments come as a number of Democrats, including North Dakota Sen. Kent Conrad and Nebraska Sen. Ben Nelson, have begun echoing calls by Republicans and some economists to extend the tax cuts for all earners, including the wealthiest. Many economists believe the recovery is too fragile to risk raising taxes anytime soon and that doing so could stall economic growth.
(More here.)
WSJ
WASHINGTON—Treasury Secretary Timothy Geithner said the Obama administration will allow tax cuts for the wealthiest Americans to expire on schedule despite calls from a small but increasingly vocal group of Democrats to delay any tax increases.
Treasury Secretary Timothy Geithner said the Obama administration will allow tax cuts for the wealthiest Americans to expire despite calls from a small group of Democrats to delay tax increases. Kelly Evans talks to John McKinnon in Washington.
Mr. Geithner said the White House will allow taxes on top earners to increase on Jan. 1, 2011, as part of an effort to help bring down the mounting budget deficit. He said the White House still plans to extend tax cuts for middle- and lower-income Americans and expects to undertake a broader tax overhaul next year.
"We believe it is appropriate to let those tax cuts that go to the most fortunate expire," Mr. Geithner said at a breakfast with reporters, hosted by the Christian Science Monitor.
His comments come as a number of Democrats, including North Dakota Sen. Kent Conrad and Nebraska Sen. Ben Nelson, have begun echoing calls by Republicans and some economists to extend the tax cuts for all earners, including the wealthiest. Many economists believe the recovery is too fragile to risk raising taxes anytime soon and that doing so could stall economic growth.
(More here.)
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