Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Geithner: IRS Will Get Half of Treasury Budget Hike

Treasury Secretary Tim Geithner has asked Congress to increase his agency's budget by 5.3 percent to $13.4 billion for 2010, according to testimony he is delivering today to a House panel.

Nearly half of the $676 million increase -- $332 million -- would go toward new IRS enforcement efforts, including the hiring of nearly 800 new agents to hunt down offshore tax-evaders, corporations and rich Americans, Geithner's testimony reads.

Geithner's budget proposes axing the Advanced Earned Income Tax Credit program, "which provides benefits in advance of filing a tax return," his testimony reads. The program "has been prone to exceptionally high levels of error and low use by those eligible for it," Geithner says.

The budget would also save $2 million by eliminating four of its 20 "international economic attaches," who "keep us apprised of developments around the world," Geithner says.

Geithner says that Treasury has no plans to ask Congress for additional bailout funds. Indeed, yesterday he noted that Treasury still has nearly $100 billion unspent bailout money.

-- Frank Ahrens
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  May 21, 2009; 12:15 PM ET
Categories:  The Ticker  | Tags: 2010 budget, Tim Geithner, Treasury  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: U.K. In Danger Of Losing AAA Credit Rating
Next: 'Main Street' GM Bondholders Feel Left Out, Blame Obama

No comments have been posted to this entry.

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company