Geithner: Tax cuts for rich should lapseNews added by ProWEB Media on August 4, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

Treasury Secretary Tim Geithner will today voice his support for the idea of letting tax cuts for the wealthiest Americans lapse.

According to released excerpts from his prepared remarks before the Center for American Progress, "Borrowing to finance tax cuts for the top 2 percent would be a $700 billion fiscal mistake. It's not the prescription the economy needs right now, and the country can't afford it."

In addition, he will speak of the need to reinstate a "pro-growth tax and fiscal policy, where the middle class once again has the chance to grow and prosper and where we stop passing off bills to the next generation."

Under the White House strategy, the top two tax rates would revert to levels last seen in the late 1990s, with the 35 percent rate increasing to 39.6 percent and the 33 percent rate rising to 36 percent.
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