Geithner: Goodbye to Tax Cuts

Prepare for billionaires to start picketing. On Sunday, Treasury Secretary Tim Geithner said that he was in favor of letting tax cuts for the wealthy expire. This is the last year for tax cuts for the wealthiest 2 to 3 percent of Americans—a system enacted during the Bush administration. This year the top capital gains tax rate will revert from 15 to 20 percent. "It's responsible to let the tax cuts expire that just go to 2 percent to 3 percent of Americans, the highest earning Americans," he said on ABC's This Week, adding that doing so would prove that the U.S. is "willing as a country now to start to make some progress." Geithner insists that Congress will "absolutely" address the tax issue before the midterm elections, but some Democrats are hesitant to touch such a polarizing issue so close to an election.