US Corporate Taxes 'About Average': Geithner
Taxes on US businesses are midrange compared to those in the rest of the world, Treasury Secretary Tim Geithner told CNBC Wednesday.
“The effective tax rate that US businesses pay is about average,” said Geithner. "The President is extending tax cuts to business. We want to make sure businesses get targeted incentives.”
Geithner was responding to criticism from some business leaders who believe that the Obama Administration is anti-business.
“Our basic responsibility is to make sure this economy is growing,” he added. “As part of that, we want to make sure governments around the world are working with us, and that [here in the US] we support business investment, small business and education.”
Financial reform, said Geithner, is another essential piece of Obama’s agenda designed to strengthen the country and facilitate it moving forward following the recession.
Geithner also discussed the time frame for Fannie Mae and Freddie Mac reform, saying he was anxious to move ahead quickly, once financial reform is in place.
He added that he planned to remain as Treasury secretary following the midterm elections, if the President wants him to continue.
Watch the full interview with Geithner on the "Kudlow Report," 7 p.m. ET.