Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/3/2012 (1 year ago)

Catholic Online (www.catholic.org)

Geithner says tax breaks for super-rich 'cost $1 trillion over 10 years'

Speaking plainly on CNN, Treasury Secretary Timothy Geithner says that the Bush-era tax cuts for top incomes must go. Geithner, on the "State of the Union" along with other weekend talk shows, said he optimistic that the administration can reach a deal with Congress to avert a another recession. He was adamant that "what we're not going to do is extend those tax cuts for the wealthiest Americans."

Speaking plainly on CNN, Treasury Secretary Timothy Geithner says that the Bush-era tax cuts for top incomes must go.

Speaking plainly on CNN, Treasury Secretary Timothy Geithner says that the Bush-era tax cuts for top incomes must go.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/3/2012 (1 year ago)

Published in Business & Economics

Keywords: Timothy Geithner, tax cuts for wealthy, fiscal cliff, budget cuts, recession


LOS ANGELES, CA (Catholic Online) - "Those cost $1 trillion over 10 years," Geithner told CNN. "And there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up."

Republican flatly rejected Geithner's proposal last week. House Speaker John Boehner declared he was "flabbergasted" by the plan. Geithner says that the administration "would be happy to look at an alternative plan, but they have to lie that out for us."

"What we can't do is sit here and trying to figure out what works for them," he said. "They have to come tell us what works for them."

The Bush administration tax cuts, which have already been extended by two years, are due to expire at the end of 2012. Spending cuts Congress approved during the Republican-led standoff over raising the federal debt ceiling in 2011 will also begin concurrently, cutting $1 trillion over 10 years.

These measures would be coupled with other cuts, such as the end of a 2-percentage-point cut in Social Security payroll taxes and extended unemployment benefits for many jobless workers.

The non-partisan Tax Policy Center estimates middle-class families would pay about $2,000 a year more in taxes, or about four percent. The top one percent of taxpayers would see their tax bills go up around seven percent, or about $120,000.

The increases in addition to budget cuts would cut the projected federal budget deficit nearly in half. This also threatens millions of jobs, especially those dependent on government contracting, and risk a return to recession, the CBO found.

The plan administration officials presented to Republicans last week called for $1.6 trillion in new taxes, including letting income tax rates go back up for families making more than $250,000. This was a major plank of President Obama's successful re-election campaign. Obama also wants to close loopholes, limit deductions, and raise the estate tax rate to 2009 levels and increase taxes on capital gains and dividend taxes.

The proposal also calls for additional spending, including a new $50 billion stimulus package, a home mortgage refinancing plan, and an extension of unemployment insurance benefits.

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Business & Economics

Are you ready? Economic analysts predict bear market by end of 2014 Watch

Image of Economic analysts are predicting a significant drop in the market, which may be as high as 60%.

By Catholic Online (NEWS CONSORTIUM)

Two financial experts announced on August 27 that markets may face a fall of up to 60% by the end of 2014. LOS ANGELES, CA (Catholic Online) - David Tice, the president of Tice Capital and founder of the Prudent Bear Fund, reported that a jolt to international ... continue reading


Oh really Obama? President claims economic success while population dependent on food stamps hit all time high Watch

Image of The number of Americans on food stamps has not decreased since 2011, despite claims from President Obama that the U.S. economy has recovered under his policies.

By Catholic Online (NEWS CONSORTIUM)

Democrats are facing a tough midterm election, and with less than three months to go the party is scrambling to prop up the image of the U.S. economy in the minds of disgruntled voters. LOS ANGELES, CA (Catholic Online) - Yet one of the quickest shorthand ... continue reading


Here comes a boom! $7 trillion in untapped funds to flood global market Watch

Image of A report suggests that corporations and equity firms hold nearly $7 trillion in cash reserves that could bolster the world's economy.

By Catholic Online (NEWS CONSORTIUM)

A new boost to the global economic recovery may happen soon, as corporate giants and private equity firms prepare to tap into cash reserves of $7 trillion, stored since the current financial crisis began back in 2008. LOS ANGELES, CA (Catholic Online) - Investors ... continue reading


OBAMA PARTIES AS ROME BURNS: U.S. wages down by 23 percent - while president takes a vacation Watch

Image of The timing of Obama's swank vacation has even the president's supporters worried.

By Catholic Online (NEWS CONSORTIUM)

Lots of negative news to go around - Ebola seems to be spreading worldwide, Islamic State is increasing its stranglehold on Iraq, a much beloved comedian and screen actor is found dead at home, an apparent suicide - U.S. President Barack Obama is in Martha's ... continue reading


Religious orders NEED to understand economics Watch

Image of A letter from two high-ranking Catholic officials requests that religious orders gain a better understanding of finance and economics.

By Catholic Online (NEWS CONSORTIUM)

In a letter addressed to members of religious communities, Vatican officials requested that these groups should not be ignorant of economic realities connected to community life and a mission of serving the world in the name of the Church. LOS ANGELES, CA ... continue reading


THANKS, BARACK! Federal debt up $7 TRILLION under your watch. Watch

Image of By the close of business on July 31, 2014, it had risen to $17,687,136,723,410.59, up $7,060,259,674,497.51 since Obama first inauguration day.

By Catholic Online (NEWS CONSORTIUM)

Thanks, Barack! The total federal debt of the U.S. government has increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president. That's more than the debt increased under all U.S. presidents from George ... continue reading


Live Catholic - Shop Catholic - Guess who now accepts checks?

Image of Catholic Shopping .com now accepts checks via Dwolla!

By Catholic Online (NEWS CONSORTIUM)

Guess who now accepts checks? Catholic Shopping .com does! This new option now makes it easier for you to control how you pay for the things you like. LOS ANGELES, CA (Catholic Online) - Catholic Shopping .com is now accepting checks via the online processor, Dwolla. ... continue reading


Unemployment in the U.S. - never went away! Many still without work Watch

Image of The number of Americans not in the labor force dropped only slightly in July, down 119,000 from the 92,120,000 Americans not in the labor force in June.

By Catholic Online (NEWS CONSORTIUM)

It may have fallen off the radar of many news outlets - but joblessness is still a BIG problem here in the United States. Since President Obama took office in January 2009, 11.4 million Americans 16 years and older have left the workforce, according to data ... continue reading


INDEBTEDNESS: One in three U.S. adults have 'debt in collections' Watch

Image of One in three American adults are so far behind in personal debt that many of their accounts have been referred to collections.

By Catholic Online (NEWS CONSORTIUM)

Some call it the American way, and it's become a most uncomfortable fact of life for many Americans. Personal debt is at an all-time high, and at least one in three Americans, 77 million people, have had their debt referred to collection agencies as a result. ... continue reading


LUMP OF COAL - LITERALLY! Coal companies pushed to brink of insolvency by Obama policies Watch

Image of The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

By Catholic Online (NEWS CONSORTIUM)

Dealing with cheap natural gas and tighter regulation, the U.S. coal industry has fallen on hard times. The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Corinthians 2:10-16
10 to us, though, God has given revelation through ... Read More

Psalm, Psalms 145:8-9, 10-11, 12-13, 13-14
8 Yahweh is tenderness and pity, slow to anger, full ... Read More

Gospel, Luke 4:31-37
31 He went down to Capernaum, a town in Galilee, and ... Read More

Saint of the Day

Saint of the Day for September 2nd, 2014 Image

St. Ingrid of Sweden
September 2: Born in Skänninge, Sweden, in the 13th century, St. Ingrid lived ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter