Treasury Secretary Timothy Geithner is catching lots of flack these days from the National Republican Party. Secretary Geithner says extending tax cuts for the wealthiest Americans – families making more than $250,000 annually – would be a mistake and would cost the country $700 billion over the next decade. He believes that Congress should allow tax cuts for the wealthiest households to expire on schedule at the end of the year. But the Secretary believes the tax cuts provided to the 95% of households making less than $250,000 annually should be extended.
Republicans are calling for all of the Bush Administration tax cuts passed in 2001 and 2003 to be extended. This sets up a big Congressional battle over the fate of the tax cuts in coming months. I agree with Secretary Geithner that it makes no sense to give huge tax cuts to the rich. With our economy still struggling to right itself, the tax cuts will only make things worse. The rich already get enough tax breaks, but that’s another story for another day.
The taxpayers who really need tax-cuts are those persons making less than $250,000 annually. Unfortunately, folks in that income range don’t have highly-paid and influential lobbyists working for them in our Nation’s Capitol. So they must depend on support from around the country – not from Washington. If you agree with Secretary Geithner on this issue, let your House members and Senators in Washington know how you feel.
Source: Associated Press
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