Geithner Says Higher Income Tax Rates Can’t Be Avoided
This article is for subscribers only.
Treasury Secretary Timothy F. Geithner said it will be necessary to raise personal income tax rates on the wealthiest Americans to reduce long-term budget deficits, because capping deductions won’t raise enough revenue.
President Barack Obama is “not prepared to extend the upper-income tax cuts,” Geithner said today at the Wall Street Journal’s CEO Council meeting in Washington. “There’s obviously universal support for the middle-class tax cuts. Doing that would remove the greatest source of anxiety and much of the greatest risk in the fiscal cliff.”