Treasury Secretary Tim Geithner predicted on Meet the Press that congressional will accept Obama’s plan to raise income tax rates and limit deductions for individuals earning $200,000 and over.
“I think we’re going to get there,” he told NBC’s David Gregory.
Sec. Geithner went on to say that Republican leaders need to offer their alternative proposals to reduce federal deficits to the Obama administration and they will review their suggestions.
“We need to know what they’re prepared to do on (tax) rates and revenues and we need to know what they’re prepared to do on the spending side,” he said.
Geithner went on to add that President Obama has been specific about his own plans for taxes, such as proposing to shift more of the burden of Medicare to affluent retirees and increasing premiums and co-pays for higher income beneficiaries beginning in 2017. However, Republicans have not said “who should pay higher taxes”.
“If the Republicans don’t like those ideas and they want to do it differently (or) they want to go beyond that, then they have to tell us what makes sense for them and then we can take a look at it,” he said.
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