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Originally published Wednesday, August 4, 2010 at 4:39 PM

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Summary Box: Geithner rejects wealthy tax cuts

BIG MISTAKE: Treasury Secretary Timothy Geithner says extending tax cuts for the wealthiest Americans - families making more than $250,000 annually - would be a mistake that would cost the country $700 billion over the next decade.

The Associated Press

BIG MISTAKE: Treasury Secretary Timothy Geithner says extending tax cuts for the wealthiest Americans - families making more than $250,000 annually - would be a mistake that would cost the country $700 billion over the next decade.

MIDDLE CLASS: Geithner said Congress should allow tax cuts for the wealthiest households to expire on schedule at the end of the year but extend the tax cuts provided to the 95 percent of households making less than $250,000 annually.

BIG BATTLE: Republicans are calling for all of the Bush era tax cuts passed in 2001 and 2003 to be extended, setting up a big congressional battle over the fate of the tax relief in coming months.

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