Thursday, July 22, 2010

White House to Let Some Tax Cuts Expire

Treasury Secretary Geithner said today that the Administration plans to allow the Bush tax cuts for the wealthiest Americans to expire at the end of the year and reiterated their intent to extend the same cuts for low and middle-class taxpayers. This was reiterated by House Speaker, Nancy Pelosi, earlier in the day. Despite growing concerns that the economy might be unable to sustain any tax increases, it's looking more certain individuals and small businesses filing as individuals earning over $200k/year (and families earning >$250k) need to start reaching deeper into their pockets soon.

Responding to questions about potential small business pushback to the tax hike, Geithner said, "Business always wants their taxes lower and always wants to live with less regulation," adding that U.S. firms are "doing very well…competing around the world."

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