Thursday, June 23, 2011
By Terence P. Jeffrey
Treasury Secretary Tim Geithner testifies in the House Small Business Committee on Wednesday, June 22, 2011. (Congressional photo)
(CNSNews.com) - Treasury Secretary Timothy Geithner told the House Small Business Committee on Wednesday that the Obama administration believes taxes on small business must increase so the administration does not have to “shrink the overall size of government programs.”
The administration’s plan to raise the tax rate on small businesses is part of its plan to raise taxes on all Americans who make more than $250,000 per year—including businesses that file taxes the same way individuals and families do.