Treasury Secretary Timothy Geithner appeared before the Senate Finance Committee on February 2 to answer questions about President Obama's tax agenda. Geithner reported that the administration favors a retroactive reinstatement of the 2009 estate and gift tax law and favors making permanent the $3.5 million exemption with a 45 percent top tax rate.
At the hearing, Senator Max Baucus supported the President's 2011 budget proposal for creating incentives for hiring new employees and incentivizing small business investment.
See "Geithner Defends Bank Tax, Jobs Plan at Senate Finance Hearing" 2010 TNT 22-2, February 2, 2010; "Baucus Endorses Obama's Budget For Estate Tax Certainty Hiring Credit" 2010 TNT 22-27, February 2, 2010.
Posted by Evan L. Abrams, Esq., Associate Editor, Wealth Strategies Journal
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