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The Obama administration will allow tax cuts for the wealthiest Americans to expire on schedule, Treasury Secretary Timothy Geithner said Thursday, setting up a clash with Republicans and a small but vocal group of Democrats who want to delay the looming tax increases.[Geithner] said the White House would let taxes on top earners increase as part of an effort to cut the deficit.
Geithner [. . .] said the White House plans to extend expiring tax cuts for middle- and lower-income Americans, and expects to undertake a broader revision of the tax code next year. "We believe it is appropriate to let those tax cuts that go to the most fortunate expire," Mr. Geithner said at a breakfast with reporters.
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