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Posted at 11:22 AM ET, 11/16/2010

Geithner says Congress must resolve tax issue by end of year

By Jia Lynn Yang

Treasury Secretary Timothy Geithner on Tuesday urged lawmakers to resolve the issue of expiring tax breaks by the end of the year, adding that the White House and Congress should be able to reach a deal soon.

"It is very important for Congress to act on this before they leave town," Geithner said during an appearance at The Wall Street Journal's CEO Council conference in Washington, according to the Associated Press. "It would not be a responsible act of government to leave this level of uncertainty hanging until next year."

There has been some confusion in recent weeks over how much the administration is willing to negotiate with Republicans, who support permanently extending the cuts for those families making more than $250,000 annually. Geithner repeated that the White House supports a permanent extension of breaks for those making less than that amount but not for higher earners.

But by saying that the White House and Congress should be able to cut a deal, Geithner seemed to say the administration was not ruling out a temporary tax cut extension for wealthier families.

Pressure is rising on lawmakers to settle on a path forward. The Bush-era tax cuts are due to expire Dec. 31. If Congress doesn't act, nearly all taxpayers will face much higher taxes.

By Jia Lynn Yang  | November 16, 2010; 11:22 AM ET
 
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Comments

I can see another sell out coming.Instead of fighting the Republicans on extending the $700 billion Bush budget busting tax cuts to the wealthiest, the administration is going to cave and extend the tax cuts for the rich for at least a year.Eventually,these tax cuts will be permanently extended.Bad politics and bad for the economy.

Posted by: Anonymous | November 16, 2010 1:41 PM | Report abuse

Stop trying to make a taxpayer out of the boss, he has made enough of a contribution by providing the job. Passing a law to tax the boss will not squeeze a dime out of him, he has a hundred ways to hide his profits. The overtaxed worker also has a chance to reduce his taxes by having more children and declaring them as dependents. His children will one day help the nation as taxpayers unless they are fortunate enough to become a boss.

Posted by: morristhewise | November 16, 2010 3:43 PM | Report abuse

Did Treasury Secretary Timothy Geithner pay his taxes this year??
I think he should stop giving advice & resign.

If we did what "our" Treasury Secretary did, we would be looking out from behind bars. Guess it's who you are that counts in this country.

Posted by: Anonymous | November 16, 2010 7:17 PM | Report abuse

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