Geithner: Let tax cuts die

Jan 2009
5,841
50
#1
Secretary Treasury Timothy Geithner called for letting the expiring Bush tax cuts die later this year. He believes that it will not hurt the "recovery" and it will only affect the wealthiest of Americans. The announcement was made after several Democrats are thinking about extending the cuts raising the possibility of it happening.

source: http://www.reuters.com/article/idUSTRE66O0R120100725

Thoughts?
 
Jan 2010
172
26
Miami
#2
http://www.taxfoundation.org/research/show/26062.html

I don't think Geitner has a good grasp of what will happen when the tax cuts expire.
Basically they would be effectively a "tax hike" at least relative to post-2001-2003 levels. I was barely 14 or 15 when Bush enacted them so I have no experience of what it would have done to my personal finances, however judging my my recent foray into the workforce, if they expired when I had my job as a private sub-contractor then my taxes, already near 30% (since I had to pay all of my social security taxes and such rather than half me, half employer) it would have been even more substantial. 10 dollars an hour becomes more like 5 or 6 to me in the position I held :\