Taxation

Treasury Secretary Timothy Geithner made what some have called an outrageous claim about the roles of American citizens and their government, in calling for the most fortunate Americans to bear the burden of the privilege of being an American by paying higher taxes. Is it a privilege to be an American? And if so … what does that privilege cost?

In December, Republicans and Democrats managed to extend a payroll tax cut, unemployment benefits and a fix for Medicare payments. That extension runs out at the end of the month but, at least when it comes to the payroll tax cut, Republicans are willing to offer another extension through the end of the year.

Democrats are hoping to use the millionaire’s tax to push through an extension in President Barack Obama’s payroll tax cuts. So far, though, Republicans are resisting the idea of the millionaires tax, though they may be willing to use other means to keep the tax cut in place.

Working families can take advantage of nearly 300 billion dollars in tax credits and deductions for the 2009 tax year.

At the G20, President Obama said he would phase out fossil fuel subsidies as a way to combat climate change.