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Geithner fails to rule out higher taxes

August 4, 2009 by  

Geithner fails to rule out higher taxes Treasury Secretary Timothy Geithner caused an uproar last weekend when he declined to explicitly rule out increasing taxes to help patch the nearly $1 trillion federal budget hole.

If that is how the administration plans to fix the deficit it will be contrary to President Obama’s pledge not to raise the tax burden on families making less than $250,000.

Speaking on ABC’s This Week, Geithner said the government has to bring down the deficits, which in addition to the budget gap also includes more than $800 billion in U.S. Treasury debt and over $2 trillion in total U.S. securities held by China, according to Reuters.

"That’s going to require some very hard choices," he added, and when pressed about whether this would entail a tax hike he said, " "We can’t make these judgments yet about exactly what it’s going to take and how we’re going to get there."

Amid the furor that followed, White House economic adviser Lawrence Summers sought to play it down, and on Monday the president’s spokesman said Obama was committed to keeping his promises on taxes.

During his electoral campaign Obama said he would cut taxes for 95 percent of working Americans.
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  • FarRightWinger

    Comment removed for offensive content.

    • s c

      Remember the liberal who cut taxes? He was JFK. He did the right thing, and he helped the economy. B O, on the other hand, doesn’t know the difference between helping and hurting (you’d
      think a prez would know that much).
      Cutting taxes worked for JFK. It should work for b o (he does want to help, doesn’t he?). To date, b o is ignoring JFK. B O is spending money that doesn’t exist. He’s indebted future
      generations, and other nations don’t want to take on our growing debt.
      Does a community organizer have any skills? Maybe the idea of cutting taxes for 95% of working Americans is an attempt at ‘humor.’ Imagine that, America. We have a community organizer with no sense of humor, no presidential skills, and yet we’re supposed to blindly follow him into a dream world.
      Imagine that.

      • DaveH

        S C,
        Of course he doesn’t want to help. He is seeking a socialist takeover of our nation, plain and simple. And his ignorant followers are so blinded by their greed to share someone else’s wealth that they can’t catch on to the fact that only a minority of them are actually going to benefit if he succeeds. There are only relative handful of people who will get to share the power positions. The rest will be stepped on.

    • DaveH

      FRW,
      Can’t see your comments but they must have been entertaining, lol. On a more serious note, please avoid name-calling, and whatever they censored you for, as we need your help in the fight for our freedom.
      The Smilees and the Dons are doing their best to drown out our comments with their name-calling and outright fabrications. So we need all the freedom-loving people we can get on this board.

      • s c

        Geithner is a product of the Fed. He’s ‘educated,’ but he has major problems with English. The Chinese saw though him, and laughed at him during his recent carbon-spewing trip to China.
        Maybe he’s got a severe case of ‘b o transparency.’ Whatever it is, he will do as much good for the US as ‘Ben the Boob’ Bernanke (no good).
        Bernanke, if you will remember, is the ‘genius’ who knows so much about the Depression. To date, Ben is making the same mistakes made by FDR and his fellow morons. Just another case of an non-elected talking head who isn’t accountable to the American people. Makes me want to barf.

  • Chris

    Not sure I can remember which promises BO has kept. I can definitely say he has the most odd definition of transparency he promised since everything he has done has been shrouded. The man has not kept any promises come to think of it. Just wonder how much longer the American people can let him stay in office until the debt and burden is too high. Already the interest on our debt will be more than we could ever repay. That must be when all the G8 leaders decide on a world currency to fix the problems that they alone created.

    • Patricia Henson

      Chris reply, You are right. they have no intention of keeping campaign promises. None of them would know the truth if it bit them on the bottom. Even if they didn’t raise income taxes they will impliment the new V.A.T. tax ( value added tax) not to mention all of the new taxes and fines Cap and Trade will cause. Then they want to over tax anything made with sugar for the new Healthcare Bill. They will have everyone in the poorhouse and depending totally on the government within a month of implimenting all of these bills. If you already haven’t please do everything you can as a citizen to stop them. Start with joining one of your area teaparties and then call, write, and E-mail your congressmen and senators daily. Thank-you and God bless.

      • Jimmie

        Patrticia – you hit the nail on the head – I am a retiree – I only get a little over a thousand dollars a month. Enough to live on if they don’t raise taxes and believe me, I know that if they want to I will have to pay higher taxes on many things – I already pay on my income of substitute teaching. This is a travesey – what a joke on us…people are just blind. They worship at Clinton’s feet, they adore Obama and I imagine sing praises of the other thieves in the den. I get physically ill when I think of their sheer audacity – they can do anything they want to and it’s in your face – tough if you don’t like it

        • Patricia Henson

          Jimmy reply, I know how it goes as I too am on a fixed income. With Cap and Trade energy prices will raise and become unaffordable. We probably won’t have to worry about it as with the Healthcare bill they will try and kill us by refusing us treatment. At 60 they will give us classes on how to euthenize ourselves. Sounds fun,huh? Thank-you for responding and God bless.

  • Brian Rawls

    This guy should be done dirty. Like Clint eastwood at the start of High Plains Drifter. Whoop him up with bull whips. Spit chew on his forehead.

    • DaveH

      Brian,
      I very much understand your frustration. Obama and his followers are very frustrating people, but I think you play into their hands when you talk about violence. And realistically if it comes to violence, as others have pointed out, the military would follow them blindly, because that is what they have been trained to do. And we wouldn’t stand a chance against our military. For sure, we could maybe prevail by using Mafia tactics, but do we really want that kind of country?
      Use your frustration to learn as many facts as you can about what made this country great and teach your loved ones what you learn. I think spreading the word intelligently and letting the politicians know their job days are numbered is the best chance we have at success.

      • Earlw

        Maybe yes, maybe no…..80 or so million of patriots, maybe 1 million of them……Then you have the thought of asymmetrical warfare, which is basically what is being done in af-pak. A more likely scenario would be the employment of fear tactics, known by any other name as TERRORISM! this sort of thing hasn’t happened before save for the “civil war”, which was battle lines, so its uncharted territory…………..As the Chinese proverb says ” May you live in interesting times “…………….

      • Brian Rawls

        Dont give up on the American people. The military would not stand a good of chance as you think. I believe the military could not stop the American public. And yes unorthadox warfare would come into play. We could fight better than you think Dave.

        • Dickie

          Brian, I realy don’t think our military would turn on the American people, To fight for these terrorist, They are loyal to America not these traitor’s, Like they do in third world country’s,They would have to turn on their on, Were I live BLOOD IS THICKER THAN THE TRASH WE HAVE IN GOVERMENT.I am worried about the brothers hussein obamb is loyal to the [muslum] That is who,And they WILL COME.

  • DixieConnie

    BO and all of the people that have been hired to work the Whitehouse need to be fired and run out of town.

  • DaveH

    Some facts from the IRS for the liberals who will soon populate this discussion whining about the rich not paying their fair share:

    1) the top 1% of income earners pay about 35% of the total income taxes
    2) the top 25% of income earners pay about 83% of the total income taxes
    3) the bottom 50% of income earner pay only about 4% of the total income taxes

    And this is the rich folks fair share? And they should pay more? Wow, where do they liberals get that crap? Do the rich get more protection from the government than the poor do? My guess from my own experience (and I’m a long way from rich) is that they get more harassment from the government.

    It is the rich that provide us with jobs and in a truly free market, the only thing stopping any of us from achieving great wealth is ourselves. Of course, our markets aren’t free now. And that is what we need to be fighting. Neither major party has done anything to free the markets, and that is why we are in the mess we are in now. The Big Corporations that the liberals rail about actually benefit from regulations because they can afford to pay cadres of lawyers to jump through the hoops. Small companies can’t afford that. If people truly want to hobble the big companies, then they need to get the government out of the marketplace with the exception of punishing fraudulent companies. Most of the regulations just make it harder for the honest business owners to get their jobs done. Instead of creating endless paperwork tasks for the honest businesses, the government should be concentrating on punishing the dishonest businesses.

    • Earlw

      What about all those ” other taxes, you know, the ones that bring everyone’s share to about 50 %? Gas taxes,etc.

      • DaveH

        Earlw,
        I’m not sure what portion of the federal government’s revenues comes from income taxes (I think about 60%). But in the case of gas taxes and other such dedicated taxes, why shouldn’t people pay the same for roads, etc.?
        Imagine, for instance, if we went to the grocery store and they asked for our income statements before they determined what we should pay for our groceries? What would you say?
        The Rich can’t take their money to the grave. Eventually they would spend it, or their descendants would spend it. Then we provide them services or goods and earn money from them. You can bet they would want value for their money, which is much better than what happens when the government takes that money from them. Government more often than not wastes that same money studying the sex life of a frog or some other dumb thing. The “Cash for Clunkers” program is a good example. Theoretically, they are going to scrap the vehicles. And this is good? Filling our dumps, wasting resources (required to build the new vehicles). The energy and resources required to build the new cars dwarfs the energy savings created by scrapping the old vehicles. Do the math. It is simply another way for the lefties to transfer wealth.

        • Jimmie

          Dave – what they need to do with many of the cars that they destroy – and many are still good – is to go out on the roads and find the guys who don’t have a job, or much money – but has a real old clunker – in their name for some time and take that old clunker that is probably running on fumes and with smoke coming out the engine and trade it, – take that old clunker and kill it…. Then you’re really getting the worst off the streets. Makes sense?

    • James

      Dave, if 1% of income earners pay 35% of the income taxes, and 25% pay 83% of the income taxes, and 50% of income earners pay 4% of the taxes, are you saying that 76% of the income earners pay 122% of the income taxes?

      • DaveH

        James,
        The top 1% of income earners is included in the top 25% (it is a subgroup of the top 25%). So, if the top 1% pays 35% of the total income taxes that means that the rest of people in the top 25% pay (83-35)% or 48% of the total income taxes.
        So if the bottom 50% pay only 4% of the total income taxes, that leaves (17-4)% or 13% of the total income taxes for the income earners in the middle of those two groups.
        So, top 25% pay 83% of the total. The middle 25% pay 13% of the total. The bottom 50% pay 4% of the total.
        Is that clear as mud? LOL.

  • DaveH

    More taxation will not be the solution. Excessive Taxation kills people’s incentive to produce.
    Nor will more government borrowing be the solution. Borrowing eventually has to be paid back. And if the debt is monetized (Federal Reserve exchanges cash money for government debt), like many liberals are advocating, there will be inflation in the price of goods which is just a hidden tax. That hidden tax destroys people’s cash savings over time.
    The only path to prosperity is for the government to quit spending so much money. But they aren’t going to quit partying with our dollars willingly. We have to start concentrating our focus on getting the message through to them that they are going to lose their jobs if they don’t change their ways.
    One way to get this message across is to join the Libertarian Party, the only political party that truly believes in individual freedom and small government.

  • Constitutionalist

    It took a long time to get to this point. The NWO and it’s cronies the CFR will continue until there is a revolution. Be it quick and bloody or slow and incremental. We the people will ultimatily have to restore the constitution and the republic. May God help us.

    • DaveH

      I think our main task is to help our misled liberal acquaintances to get their heads out of their butts and realize that what they have thought of as noble pursuits (taking from the rich and giving to the poor) are nothing more than the immoral act of theft.

      • DixieConnie

        I saw this saying I think is very appropriate:

        “I really wish I could see things from your point of view (liberals), I just can’t seem to get my head up your butt that far.”

        It is only the conservatives and the rich that get taxed? Are all liberals in the poor house? It would seem that they don’t want to have their taxes increased anymore than anyone else. What am I missing?

        Maybe its that they live on that “island”.

        • DaveH

          Dixie,
          Don’t know that this will answer your question, but it has been my personal experience that the liberals talk a lot about charity but don’t really give much of their own money to charity. They typically want their hearts to bleed with other people’s wallets. But it’s not their money to give!
          I have been very generous throughout my life (much more so than anyone else that I have known personally). But I have my own ideas of who needs help and who doesn’t, just like everyone does. And I challenge the moral right of someone to take my money away to fund their own personal charity preferences.

        • DixieConnie

          DaveH: Doesn’t sound quite right, does it. I, like you, have given thru out my life, not so much money, but clothes, shoes, etc. to those that need it and I hate it when my money goes out of my check without my consent.

      • James

        Dave, back in FDR’s first year in office (1933), the Agricultural Adjustment Act was passed. It taxes one group, but bestowed welfare on another group, and this was challenged in U.S. v. Butler (1936) and was declared unconstitutional. Mr. Justice Roberts stated:

        “A tax, in the general understanding of the term, and as used in the Constitution, signifies an exaction for the support of the government. The word has never been thought to connote the expropriation of money from one group for the benefit of another.”

        Back when Obama was president-elect, CBS “60 Minutes” interviewed him and asked if he had seen the new book “The First One Hundred Days” which documented FDR’s first 100 days in office. Obama said yes, I have a copy, and have read it. FDR socialized America, Obama will communize it.

  • Constitutionalist

    I believe that desirable social and economic objectives are much better served through the giving of ones own time ,skills, and money type charities than through coercion of law I:E. taxation. The taking from some to give to the poor is simply another form of the collectivist mentality that now permeates washington. The proper role of government is to protect not provide for. As the inevitable march towards socialism continues some people are waking up to the fact that something is wrong. Few understand that their freedom is almost all but gone.

  • richard

    LIES….LIES AND MORE LIES…

  • outspoken2

    The only thing B.O. has cut are the throats of the United States citizens. Raising taxes, that’s the only thing the Democrats are really good at, other than playing the Racial card, taxing “the Rich, the Wealthy” and not using that piece of tissue that keeps their ears apart.
    What’s really scary these days is that the Democrats are in control of Congress and there is one who is a possibly a so called usurper leading this country.
    Now that can lead to apprehension and high blood pressure.

  • Dickie

    Guy’s, Have I missed anything ?. Please tell me that, The people in Calif.is going to put the Queen pelosi,& HER lady Boxer out this commeing election,Please tell me, They have had enough of this trash, And the people are throwing all the trash out in MASS. Along with the whimp’est snake of all reid, And muthar the biggest bribe taker of all.Please people I don’t care what party you are,The only way to save America is to get these America’s most currupt tyrant’s,Out of office,hussein obama’s spots,& horns have come out,Just open your eyes & look at his cabnet, Tax cheat’s,Thugs under investagation, And now a racist judge, Oh I almost forgot, I am going to do the very best I can to get the lieing lendsey graham out this term, These thugs have forgotten they supose to work for us, Not to steal from us,Or take our freedom, The Queen franks has already said the constitution is just a peace of paper to try to hold restraint to the politician’s & that’s all.

    • Mike D.

      DaveH, “Cash for Clunkers’ I beleive was mainly to try to bolster some pos. sales for the NEW GOV / UNION car comps. It’s OUR tax dollars that are being stolen to fund this charade.

      Although I did correspond to my Representatives in D.C. some time ago suggesting that a rebate on a new car purchase would be a good idea, I never thought that this is what they come up with.

      Salvage from these autos SHOULD go back to the tax payers to help pay for this Obomination.

    • Mike D.

      Dickie,
      2010! 2010! VOTE!

  • EL CHICHON

    Eddie Haskel (Timmy Geithner), don’t know his ass from a hole in the ground. He is a liar and a crook, just like all the rest. What do you expect. The only way to stop this run-a-way freight train is to get out the vote in the 2010 mid-term elections. Do not elect “any” crat rats. Time to clean the slate. If the crat rats aren’t ousted, then we are in for one hell of a train wreck folks. Might want to consider relocating to another part of the globe if they are re-elected to office.

    • DaveH

      Chichon,
      I have this romantic notion that Chile would be a great place to live and work. But alas, Big Government has been taking my money as fast as I earn it for the last 35 years and I am pretty much broke. So, I can’t afford to visit Chile and see if it is just a pipe dream of mine or it really would be a great place to live.

      • EL CHICHON

        Dave,
        Oprah Winfrey and the Chicago mob, Alec Baldwin, Barbara Streisand, David Letterman and the like are all behind getting Osamabama elected as is the communist Chinese and other long time enemies of capitalism. It seems our enemies are always behind a liberal politician running for any political office in the United States. Ever wonder why? Its because they knew they could not take us Militarily, so they went another route. They used their history in the methodology behind what is going on under our very noses. Destroy from within without firing a shot and without collateral damages. They found the weakest link as an avenue to the heart of democracy…..a liberal democrat that doesn’t care who they step on as long as they can get to the top with multi-millions in their pockets that they stole from the hard working middle-class (backbone) of this country and from what they accepted in bribes and so called political “donations” from our enemies which is nothing more that a war expense to them. Ever wonder why the communist party here in the U.S. was so elated and drifting off into a multiple orgasmic utopia when Osamabama got elected? Well, there is your answer.
        As far as living in Chile, I think Chile is a beautiful country, but don’t know whether or not they would want any Americans living there. It seems like all of the countries south of the U.S. are always susceptible to a military coup and / or dictatorships, but that may be the road the U.S. is heading down right now anyway. I myself have been thinking about South Korea, but they are under the constant threat of war from the north and are a puppet of the U.S. The people and the food are great and the country is beautiful, but as a a foreigner in South Korea, you are not allowed to personally own any land. So it looks like Chile or Switzerland (if you can afford to be a citizen there) is about the only place there is left on the face of this earth where you could live without being bothered. Oh yes, there is one other place, Texas. Governor Perry has already warned D.C. if they kept trying to get into the states political business that Texas will secede from the Union. Governor Perry and the rest of the Texicans will not take any crap from Washington or anyone else that don’t like Texas or its people. As far as I know Texas is the only state that can secede from the union because Texas is a state only by a treaty and is the only state whose flag is allowed to fly at the same height as the American flag. Their capitol building is also bigger than the nations capitol building as well and has many more mentally secure people running the state. Their government has their own special problems and a few idiots here and there I’m sure just like any other government. Most people “HATE” Texas and its people, but I must admit, they are some of the friendliest people I have ever met. Now if they can just find a way to get rid of the liberals who are a cancer in the city of Austin and get rid of the meskin invasion, I wouldn’t mind living there. I hear Texas is actually a very beautiful state.
        Good luck Dave,
        El Chichon’

  • Michael M

    I really like the fact that BO is using the union to combat peoples free speach at the town hall meetings. BO says to get out of his way and don’t think for one minute that the mob, oh I mean the afl-CIO (unions) won’t be running the socialized healthcare.

    Obama comes from the most corrupt city in this country where the mob rules. Why won’t he give the names of the people who contributed 750 million to getting him elected? Might there be something there he doesn’t want us to know? And why is Pelosi saying that everyone who is voicing their displeasure with the healthcaare program wearing swastikas? Is this woman sane? The dems will stop at nothing to get this done, and the lies and deciet are coming in heavy. May God help us all.

    Pray for everyone fighting our wars and fighting our politicians to hear our voices

  • Dale Patterson

    If Treasury Secretary Timothy Guenther fells that higher taxes will solve the problem then he may be right. He, Pres. Obama, his cabinet, congress and the CEO’s & board members of the banks and other industries should pay more taxes. Let’s face it they caused the problems and gave (thrown away) our tax dollars to fixing it, when so many of us were against it. There is no debate that the problem needs fixing, so… they should pay the tax increase and they should pay till it hurts (like it’s hurting us)!

    • DaveH

      Dale,
      I agree. It is especially aggravating to me that so many rich movie stars and other rich people are so nobly advocating the donation of our money to charity (government style). If their hearts really bleed so much, why don’t they donate 90% of their assets to charity? With 10% left, they would still have more assets than most of us have.

      • Dale Patterson

        Dave, that sounds fair. These people with the money are always spending, or are willing to spend, the money of others. But when it comes time to put up their own coin it suddenly becomes quite. Understand that I am for ending world hunger, ignorance, aggression, pollution, and mindless destruction like the wars in Iraq and Afghanistan (notice that I didn’t mention bailouts or fat loans) and I am willing to help pay for it with tax dollars, but I am against throwing the money away. After the second world war the Marshall plan not only worked, but did so brilliantly. Unfortunately, no one has a working plan to solve the problems, just cons.

        • DaveH

          Dale,
          As far as world hunger goes, several years ago Reason magazine did a study on what made for good economies. They studied several parameters (natural resources, regulations, and many others that I can’t remember) in an attempt to determine what makes for a good economy. The one parameter that stood out as stifling the economies was government regulation. Those countries with the least business regulations had the most robust economies. Unfortunately, there is no easy way to propagate this concept in highly regulated economies because leaders don’t give up their power willingly.
          I agree with you on those wars. I think we should butt out of other countries problems, unless their citizens overwhelmingly want our help.

  • DaveH

    As concerned citizens, we need to get together and boycott goods and services from any people or companies who are advocating the further growth of Big Government. The boycott has been a liberal tool for decades. It is about time we use their own weapon against them.

    • DaveH

      For instance, if I find out that a movie star is actively promoting the growth of Big Government, I will avoid his/her movies with a passion. Mind you, I am only talking about the ones who use their position of fame to unfairly influence the voting of others. Like Barbara Streisand or Alek Baldwin.

  • Dale, Oklahoma

    “Amid the furor that followed, White House economic adviser Lawrence SUMMERS sought to play it down,”

    Aaah, the Summers of our discontent! I guess Geithner and all
    other Democrats think that more, higher and BIGGER taxes fix
    everything. And it’s true. Everything is bigger in TaXeS. “Audacity”
    is bigger. “Change” is bigger. Even “hope” is…, well okay. Hope
    has gotten a LOT smaller. Welcome to the great state of TAX US!
    And for all of you struggling taxpayers out there who think that we
    should all pay for other peoples abortions and sex change operations.
    Congratulations! PAY UP.

  • Denise

    I finally figured out what liberal means, they are liberal with your money, not their own and this is nothing but theft! Most politicians are well off so they are not giving their money its yours they are after. I am so upset about the state of the U.S. I have been writing congressmean every other day! and plan to go to the tea party in DC in September, and get as many people to go as I can. There are so many hidden taxes on everything, I was reading about the taxes on a single candy bar and I was eating them quite frequently and when I found this out I stopped buying them immediately, Ill get my chocolate fix somewhere else. I bet we pay at least half our salary to some kind of tax. We need total reform of government. I think the Liberterian party is the way to go! Small government and low taxes.

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