Free Markets, Free People
Geithner defends tax increases
Tax cheat Timothy Geithner is defending President Barack Obama’s proposed tax increases:
President Obama’s Treasury secretary is defending proposed tax increases, saying they are necessary to limit future budget deficits.
Timothy Geithner responded on Wednesday to Republican criticism that the administration wants to increase taxes during a recession. Geithner noted that tax increases on couples making more than $250,000 per year would not take effect until 2011.
Obama inherited a $1.3 trillion budget deficit that is expected to balloon to $1.75 trillion this year. Obama says his plan would reduce the deficit to $533 billion in four years.
Don’t you love how they act like the only way to cut the deficit is to raise taxes. I guess it’s too much to ask to just reduce spending to cut the deficit.