Wednesday, 26 November 2014 / TRUTH-OUT.ORG
  • Free Marissa and All Black People

    Marissa Alexander made a decision for herself and her family to accelerate the (un-free) freedom that all who live black in the United States have when we aren't formally caged.

  • From Buy Nothing Day to Independence Day

    Let's highlight the importance of framing and narratives, and the power of including the Global South, in a global day of boycott against multinational corporations.

Chart: How Ending the High End Bush Tax Cuts Saves Nearly $1 Trillion

Monday, 27 August 2012 11:41 By Pat Garofalo, ThinkProgress | News Analysis

President Obama has promised to end the Bush tax cuts on income in excess of $250,000 when they expire at the end of the year, with his aides saying that he is "100 percent committed" to preventing another extension. Of course, Republicans are again saying that all of the cuts should be extended, even as they claim that the federal deficit is too high.

But according to a new report from the Congressional Budget Office, allowing the high-end tax cuts to expire on schedule would raise $823 billion in revenue and save $127 billion in interest payments on the debt over the next ten years. The Center on Budget and Policy Priorities used this chart to illustrate how much would be saved each year:

As the CBPP noted, "Overall, this would mean $950 billion in ten-year deficit reduction, a significant step in the direction of fiscal stability." That's nearly $1 trillion in deficit reduction for those concerned about the nation's finances.

In addition to blowing up the country's budget, the Bush tax cuts did not lead to the promised economic growth. In fact, the economy has fared worse under the GOP's supply-side policies, on a slew of economic measurements, than it did when supply-side was not in effect.

Originally published on ThinkProgress

Pat Garofalo

Pat Garofalo is Economic Policy Editor for ThinkProgress.org and The Progress Report at American Progress.


Hide Comments

blog comments powered by Disqus
GET DAILY TRUTHOUT UPDATES

FOLLOW togtorsstottofb


Chart: How Ending the High End Bush Tax Cuts Saves Nearly $1 Trillion

Monday, 27 August 2012 11:41 By Pat Garofalo, ThinkProgress | News Analysis

President Obama has promised to end the Bush tax cuts on income in excess of $250,000 when they expire at the end of the year, with his aides saying that he is "100 percent committed" to preventing another extension. Of course, Republicans are again saying that all of the cuts should be extended, even as they claim that the federal deficit is too high.

But according to a new report from the Congressional Budget Office, allowing the high-end tax cuts to expire on schedule would raise $823 billion in revenue and save $127 billion in interest payments on the debt over the next ten years. The Center on Budget and Policy Priorities used this chart to illustrate how much would be saved each year:

As the CBPP noted, "Overall, this would mean $950 billion in ten-year deficit reduction, a significant step in the direction of fiscal stability." That's nearly $1 trillion in deficit reduction for those concerned about the nation's finances.

In addition to blowing up the country's budget, the Bush tax cuts did not lead to the promised economic growth. In fact, the economy has fared worse under the GOP's supply-side policies, on a slew of economic measurements, than it did when supply-side was not in effect.

Originally published on ThinkProgress

Pat Garofalo

Pat Garofalo is Economic Policy Editor for ThinkProgress.org and The Progress Report at American Progress.


Hide Comments

blog comments powered by Disqus