Sunday, July 25, 2010

Geithner pushes plan to let tax cuts for wealthy expire - CNN.com

Geithner pushes plan to let tax cuts for wealthy expire - CNN.com

Washington (CNN) -- Treasury Secretary Tim Geithner says the Obama administration will push for letting tax cuts for wealthy Americans expire while extending them for the rest of the nation.

The administration wants to "leave in place tax cuts that are very important to incent businesses to hire new employees and to invest and expand in output," Geithner said on the ABC program "This Week."

Republicans say letting tax cuts expire for those Americans earning more than $250,000 a year will hurt economic growth as the nation recovers from the economic recession.

Geithner said the plan is to extend the tax cuts for more than 95 percent of country while letting them expire for about 3 percent, which he called the "highest-earning Americans."

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