WASHINGTON—Treasury Secretary Timothy Geithner said the Obama administration will allow tax cuts for the wealthiest Americans to expire on schedule despite calls from a small but increasingly vocal group of Democrats to delay any tax increases.
Mr. Geithner said the White House will allow taxes on top earners to increase on Jan. 1, 2011, as part of an effort to help bring down the mounting budget deficit. He said the White House still plans to extend tax cuts for middle- and lower-income Americans and expects to undertake a broader tax overhaul next year.
“We believe it is appropriate to let those tax cuts that go to the most fortunate expire,” Mr. Geithner said at a breakfast with reporters, hosted by the Christian Science Monitor
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