Timothy Geithner: Allow Bush Tax Cuts For The Wealthy To Expire

WASHINGTON — Treasury Secretary Tim Geithner said that allowing tax cuts for the wealthy to expire would be "the responsible thing to do."

This is the last year for the tax cuts enacted under President George W. Bush. Republicans have generally favored extending all of them.

While Democrats are divided on the issue, President Barack Obama has favored allowing the expiration of cuts he says have applied to the wealthiest people.

It's responsible to let the tax cuts expire that just go to 2 percent to 3 percent of Americans, the highest earning Americans," Geithner told ABC's "This Week" in an interview broadcast Sunday. 

Doing so would show the world that the U.S. is "willing as a country now to start to make some progress" reducing long-term budget deficits, he said.

Geithner said he does not believe that higher taxes for those high earners will hurt economic growth.

Geithner also believed the Democrats would rescind the Bush tax cuts before the next election.

The Democrats won the 2008 elections and our base is not the GWB 'have mores.'


In many respects, the GOP is lucky Obama didn't cancel the Bush tax cuts after he was elected, Well, the tax holiday for the wealthy is over. That's the breaks.


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