Geithner: Taxes on ‘Small Business’ Must Rise So Government Doesn’t ‘Shrink’

[WestVirginiaRebel]

CNS News:

(CNSNews.com) - Treasury Secretary Timothy Geithner told the House Small Business Committee on Wednesday that the Obama administration believes taxes on small business must increase so the administration does not have to shrink the overall size of government programs.

The administrations plan to raise the tax rate on small businesses is part of its plan to raise taxes on all Americans who make more than $250,000 per yearincluding businesses that file taxes the same way individuals and families do.

Geithners explanation of the administration's small-business tax plan came in an exchange with first-term Rep. Renee Ellmers (R.-N.C.). Ellmers, a nurse, decided to run for the U.S. House of Representatives in 2010 after she became active in the grass-roots opposition to President Barack Obamas proposed health-care reform plan in 2009.

Overwhelmingly, the businesses back home and across the country continue to tell us that regulation, lack of access to capital, taxation, fear of taxation, and just the overwhelming uncertainties that our businesses face is keeping them from hiring, Ellmers told Geithner. They just simply cannot.

She then challenged Geithner on the administrations tax plan.

Looking into the future, you are supporting the idea of taxation, increasing taxes on those who make $250,000 or more. Those are our business owners, said Ellmers.

Geithner initially responded by saying that the administrations planned tax increase would hit three percent of your small businesses.

Ellmers then said: Sixty-four percent of jobs that are created in this country are for small business.

Geithner conceded the point, but then suggested the administrations planned tax increase on small businesses would be good for growth.

No, that's right. I agree with that, said Geithner. But just to put it in perspective, it's important to recognize why are we doing this. You know, our deficits are 10 percent of GDP, higher than they've been since any time in the postwar period really. We have a big hole to dig out of, and we have to figure out how to do that in a way that's balanced, good for growth, fair to people as a whole.
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Obligatory video:

[clearvision]

I'm sort of sticking my head in the sand lately on this stuff, but the next 2 months are going to be very interesting as far as budget goes. Of course I fully expect in the end the congress critters will all cave and push it off for two more years.

[Casino67]

I'm sort of sticking my head in the sand lately on this stuff, but the next 2 months are going to be very interesting as far as budget goes. Of course I fully expect in the end the congress critters will all cave and push it off for two more years.

 

Since the R's control the House, I suppose the D's will be the caving critters. Have the D's ever favored cuts over increasing taxes? Doubt it. They are going to provide some interesting times, and somehow the R's will take the blame, the media and the D's will see to that.

[clearvision]

You have more confidence in the R critters than I do.

[Evad]

These people have lost all credibility.

It is no longer debatable that the entire Obama Regime is insane.

[Casino67]

You have more confidence in the R critters than I do.

 

I believe in unicorns too.

 

IMO, if the R's do cave, they will lose so much credibility as to become extinct. Are there any R's left in the talks? I think they all bolted. The D's can't do it alone, so it would stand to reason they are the ones who will have to concede. Time will tell eh?

[Pepper]

Casino67!

 

WestVirginiaRebel!

 

Saltbag!

 

Geithner to Consider Leaving Treasury After Debt Debate

 

Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.

Geithner hasn’t made a final decision and won’t do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to discuss private discussions.

[Casino67]

Casino67!

 

WestVirginiaRebel!

 

Saltbag!

 

Geithner to Consider Leaving Treasury After Debt Debate

 

Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.

Geithner hasn’t made a final decision and won’t do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to discuss private discussions.

 

I went here to look at other Treasury Secs and just eye-balling it, it would appear about 3 years is the average length of stay.

[Casino67]

WestWingReport West Wing Report

Treasury Sec. Geithner backpeddles on rpts he's thinking about leaving: "I'm going to be doing this for the forseeable future"

[Rheo]

WestWingReport West Wing Report

Treasury Sec. Geithner backpeddles on rpts he's thinking about leaving: "I'm going to be doing this for the forseeable future"

The good news cometh and the good news leavith.