The following are highlights from a Senate Small Business Committee hearing on Tuesday with U.S. Treasury Secretary Timothy Geithner testifying on the Small Business Jobs Act of 2010.
> For a text of Geithner's prepared testimony, see: http://www.treasury.gov/press-center/press-releases/Pages/tg1333 .aspx
ON NEED TO RAISE REVENUE AS PART OF TAX REFORM
You're going to have to be able to raise some revenues...because you can't balance the budget, you can't get the budget back under control unless you're willing to -- as part of tax reform -- to see some modest increase in revenues. Now we may disagree on that, on who should bear that burden, but we think the more fortunate Americans can afford to bear that burden.
ON PROBLEMS FACING SMALL BUSINESS
It's very important that we put a much greater burden on all of us to make sure that as we're changing the rules, designing stronger protections, that we do so in ways that are sensible, that we get regulation smarter (and) not just more of it. But the biggest problem facing the economy today...if you look at what businesses say today, their overwhelming challenge is they don't see enough growth and demand for their products.
ON PROBLEMS WITH TAX CODE
(In) the tax system we have today for businesses, we have tremendous uncertainty year by year about what (is) the basic tax rate you are going to pay. And a system which is riddled with special preferences is a system that needs reform.
ON PROSPECTS FOR TAX REFORM
We are not going to do fundamental tax reform in two months.