Geithner presses case for renewing middle-class tax breaks

Source: Washington Post

Treasury Secretary Timothy F. Geithner took the lead Sunday in continuing the Obama administration's push for extending middle-class tax cuts while allowing similar cuts for the nation's wealthiest individuals to expire in January.

Appearing on two Sunday talk shows, Geithner pressed the case for renewing tax cuts for families making under $250,000 a year.

"The president believes, and I believe, this is the right thing for the country," he said on NBC's "Meet the Press."

The tax cuts, put in place between 2001 and 2003, have become an intensely political topic ahead of the congressional elections this fall. Republicans have argued that extending the full spectrum of tax cuts is essential to strengthening the sluggish economic recovery.

Geithner rejected that notion, telling ABC's "This Week" that letting tax cuts for the wealthiest expire would not hurt growth. He said Sunday that he expects Congress to act before the November elections.

President Obama has argued that the Republican approach would deepen the nation's already massive deficit. On Saturday, the president used part of his weekly address to chide House Minority Leader John A. Boehner (Ohio) and other Republicans who oppose the administration's approach, saying the GOP was pushing "the same policies that led us into this recession."

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/07/25/AR2010072502936.html?wprss=rss_politics

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Putting money into the hands of those on Main Street would help both Elite and working class. However, I would love to know what tax cuts Geithner is thinking about renewing for the middle class making under 250,000?

But thank you for thinking about us.

$250,000 will encourage investment here in the U.S. Start-up businesses usually don't make profits of over $250,000 for a while. Even slightly larger businesses that require a lot of investment most likely won't show that much taxable profit for any one investor for some years. When you first open a business, your "profits" go back into the business. You usually have to pay off loans. There are lots of special start-up costs like purchasing equipment and your taxable profits are not usually all that great.

Changing the tax laws could hurt someone in the arts who makes a big income but only in for a few years.

You think no one making under $250,000 a year pays taxes?

he's saying if you don't pay taxes, then a tax cut on someone making 249,000 isn't going to help you.

Glenn Beck would say the opposite, he would say that even if you don't personally get a tax cut, the tax cut will trickle down to you. Just wait there with your mouth open for it.

is a long and old right wing talking point. Any time anyone tries to do anything to make the rich pay their share, out comes the "people who don't pay taxes" mantra and the next thing you know the rich are getting a tax cut because they're the only ones who pay. It's just an unbelievably stupid thing to say on a supposed Democratic message board. And it's unbelievably sad that I now have to call DU a "supposed" Democratic message board because of the kinds of messages people will leave to undermine anything this administration tries to do.

People are ridiculing repealing the Bush Tax Cuts for the rich. Do you get that? That's how pathetic this board has become.

he's saying the CUTS don't do much good for poor people.

He's FOR repealing the cuts. You have it backwards.

by using a right wing smear. But you guys just have at it and keep using right wing talking points to bring this Presidency down.

he's FOR repealing the cuts.

You're helping the opposition. I don't care what he thinks he's doing, I'm talking about the real world consequence of what he's doing. You start down the road of "people who don't pay taxes" and the next thing you've got Republicans crying class warfare and off we go and we already know how that turns out.

The topic is repealing the Bush Tax Cuts on the rich. Why in the world would you throw that right wing crap into the mix?

And, working people already got a $400 refundable tax cut last year. What are you doing to make that permanent?

Don't tell me he hasn't helped the unemployed. And don't fucking presume to think you're financially better off than me, even if you are unemployed. You don't know.

Coulda swore I read that right in the OP. God know the poor pay taxes, more than their fair share I think when you compare percent of total income paid in taxes by rich and poor. But, just as the rich like to blame property taxes on the Federal government instead of the State or locality they live in. Some of the people here only see taxes paid in terms of what is withheld from their paycheck. I think that is why one of the posters said. If you have no income, you pay no taxes. That's bologna and we all know it.

All innuendo aside...

Don't let BUSH tax cuts for the middle class go on! Let them expire with the rest. Then put in your own DEMOCRATIC (perhaps better) tax cuts for the middle class, and TAKE CREDIT FOR IT! If the Repugs don't like it... they'll have to vote against tax cuts! Make them vote for a Dem tax cut. Obama can give eloquent speeches about the bipartisan triumph it will be! ( He's obviously able to DO that!)

i'm with that. Also don't confuse the fact that Bush's economic policies were disastrous, the tax cuts first and foremost.

And nobody knows it happened. So no, your idea won't work because the smear machines from both sides bury any good news within 30 minutes of its announcement.

There's no logic in the "comebacks" you've been handed in this thread. Just like the TeaBaggers having a tax rally on the day they got the cut, some people don't have the wherewithal to to draw a clue card.

Letting the Bush tax cuts expire is as it should be. Those people didn't need the tax cuts in the first place, and those cuts have caused us to go deeper in debt, and the voodoo economics that George H.W. Bush warned us about (of all people) are once again being discussed in Congress. They didn't work under Reagan, and they failed yet again under G.W. Bush. Twice failed, yet we have to put up with these stupid arguments on DU. Unfuckingbelieveable.

We're finally going to repeal the Bush Tax Cuts on the wealthy, woohoo!

Instead it's one shit pile of a response after another.

I just don't get it.

I understand people being upset that they are out of work, but it seems more than a little freaky that even in a state of panic one wouldn't recognize how allowing the planned expiration of these failed tax cuts is anything but a (you nailed it) woohoo moment.

I'm more convinced than ever that this whole anti-Obama bullshit is just that, bullshit. The only people who benefit from the perception that Obama is seen in a negative light are Republicans up for election or re-election. That's the bottom line. I believe there are a lot fewer people with that perspective (seeing Obama in a negative light) than it appears. Loud and obnoxious stupidity does not equal a bunch of people sliding away from supporting the President.

i remember people bitching about how $10 a paycheck won't do anything. but it does. it's like a little cushion. and people got a boost without even realizing it. maybe they had a few bucks to go get an ice cream they didn't have before. it's kind of like finding a $20 in the pocket of your coat. but people don't even realize it. and obama is getting blamed for so much. he can only do so much. he can't make the laws. he can sign the bills. he can go out and try to get people on board iwth his ideas. but then there is the infotainment media whose whole job seems to be to derail his efforts.

Most people got the $400 when they filed because it was refundable. So if all those people who "don't pay taxes" didn't have anything added during the year, they got the $400 at the end of the year anyway. You would think that would register. And the people who did have a tax liability got the $400 applied to it.

And you are walking dangerously close to the edge of the pizza box.

I smelled the pizza coming... I have quite a collection in my ignored file.

remember that? people would come in asking about it. she was hoping that wouldn't happen again because it was so much more work.

i think we got a LOT MORE back this year than in previous years. we were quite surprised. we did have our third child last year, but even still we got a lot back. we paid bills with it. paid off one of our loans and our credit cards.

how many of those out there bitching about taxes got that same tax refund. do they not even friggin think for themselves. so much in a tizzy about what they heard on faux noise to even take the time to think for themselves. i know it's easier to just let someone else tell you what to think, but then you will end up screwing yourself over.

Of putting our Social Security funds into an account with someone like Goldman Sacks... the weirdo arguments will be very interesting. Deadly dangerous for everyone's retirement, but interesting... like a train wreck.

while they are sitting on the side they are cutting off.

Granny used to call it cutting off your nose to spite your face... I like the visual of sitting on a branch while cutting said branch off. Very cartoonish, which is the intellectual level we're talking about here.

the paper.

... proposing just that. You're behind the power curve.

.... there are several all easily found.

http://www.businessweek.com/investor/content/jan2010/pi2010018_130737.htm


And of course there are those who will try to tell you this is a good thing. And if you are dumb enough to believe them then may god help you.

"And of course there are those who will try to tell you this is a good thing. And if you are dumb enough to believe them then may god help you."

I don't even want to click on your fucking link... this is so divisive, such bullshit, so manipulative... you are saying any opinion but yours is stupidity. Well, guess what... this kind of asshatery is counterproductive to anything you're trying to do. What bullshit.

Did you read the article? Or were you merely sucked in by the title? Do you understand that 401k's and IRA's are already in the stock and bond markets? Do you get that what this article is saying is that because those markets are so unstable, that it might be better to put your funds into something secure and guaranteed instead of the stock and bond markets?

:eyes:

My GAWD! You are all up in arms and you dont have the first clue what you're talking about. Turn of the Beck, please.

.. stock and bond markets if you are stupid enough to put them there.

This is EXACTLY why I made my "dumb enough" comment.

You are the typical financially illiterate American and I'm running out of patience and sympathy for the lot of you.

This is a CASH GRAB, just like raising SS taxes and SPENDING THE MONEY was. Like I said, if you think it is a good idea , etc.

Jesus this pisses me off! WTF?

Repeal the ones for those making over $250,000, keep the rest.

I've been looking for and can't find numbers on this, but I imagine the tax cuts on people in the 100,000 to 250,000 range are extremely costly. Many many billions. I consider even those cuts to be trickle-down spending. 100,000 to 250,000 is not Main Street. We need to be spending on stimulus, not on trickle-down.

We should have started with a much lower threshold and negotitated up if necessary. We're at 250,000 now, by the time the Senate (and Rahm behind the scenes) gets through with it, what's it going to be? 500,000? 1,000,000?

Let the Boosh cuts expire for households bringing in over $150K and individuals making over $75K. The upper middle class needs to pay its share just like the richies must be made to do.

on those making less than $250,000. This was his plan in 2008 and if it was good enough for DU then it should be good enough now.

Any progress on those fronts? :rofl:

http://www.guardian.co.uk/business/2009/oct/22/obama-executive-pay-bail-outs

There's plenty more, with financial reform just signed.

You're the one that's made a fool of yourself.

The President flat-out lied about this issue, sandnsea. For you to lie to people's faces about it is embarrassing for you, and frankly, a bit sad. :hi:

http://www.associatedcontent.com/article/5622696/feinberg_will_not_ask_executives_to.html?cat=3

For instance, AIG negotiations:

"But this year's payments were reduced after the employees made concessions to help AIG fulfill oral pledges to the government to return some of last year's bonus money.

"We are greatly appreciative that virtually all -- some 97 percent -- of active FP employees have volunteered to reduce their upcoming 2010 payment to help achieve our giveback target," the company said in its Tuesday evening statememt. "We have decided to begin these reduced payments to these active employees, as well as those nonactive employees who agreed to reductions."

AIG employees agreed to return $45 million of the $165 million they received in retention payments last year. The government has not received the entire $45 million yet, but Feinberg said he would make sure the rest is paid in full."

http://abcnews.go.com/GMA/pay-czar-kenneth-feinberg-expresses-outrage-aig-bonuses/story?id=9734704

He is a one termer. And what about EFCA!!!

The bottom line is that Republicans are still spewing the same plans that got us into this mess. There are far fewer people that stupid than people think. They are loud and obnoxious in volume, but few.

If you choose not to decide, you still have made a choice. If you don't vote for the Democrat, you are voting for the Republican. Now THAT is fucking stupid as all hell.

or has someone taken Geithner to the woodshed?

we're anywhere need LOUD enough or ACTIVE enough yet -- !!

And maybe they figured out that Emmanuel's calling us "F---ing Retards" didn't exactly

work out for them?

The sob should be fired!

those who pay taxes in the lowest bracket, right now its 10%, when the tax cuts are repealed if nothing is done they will end up paying 15%. Thats a 50% increase, which is larger percentage wise than any of the increases in the other brackets.