Tax cuts for the wealthy set to expire

Posted by Elizabeth Stewart - email

(WFLX) - Soon, tax cuts enacted under George W. Bush are set to expire. The Obama administration wants to drop the breaks at the end of the year. Republicans, and some Democrats, are calling for an extension of all the cuts for the sake of the economic recovery.

Treasury Secretary Tim Geithner explained the President's position. "I think it is fair and good policy to allow those tax cuts that only go to 2 percent or 3 percent of the highest earners in the country to expire as scheduled. The country can withstand that. The economy can withstand that. I think it's good policy."

Geithner says the administration wants to extend tax breaks for more than 95 percent of US workers and continue cuts that promote small business growth.

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