A recent statement made by Treasury Secretary Timothy Geithner that there must be tax rate increases to avert the fiscal cliff.
U.S. Treasury Secretary Indicates Tax Hikes Must be Part of Fiscal Cliff Deal
Treasury Secretary Timothy Geithner indicated that tax rate increases on the top 2 percent of households in the country must be part of any final agreement to avert the fiscal cliff. This has been a point of contention in the negotiations and it now appears that both sides are still far apart on reaching a compromise. This increases the likelihood that the tax increases and spending hikes will go into effect. The current offer by the administration includes $1.6 trillion in tax increases over 10 years, $50 billion in new stimulus spending and around $400 billion in total entitlement spending cuts. For perspective, the annual budget deficit is in excess of $1 trillion.
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About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
