CHART: How Ending The High End Bush Tax Cuts Saves Nearly $1 Trillion

[flpoljunkie]

CHART: How Ending The High End Bush Tax Cuts Saves Nearly $1 Trillion
By Pat Garofalo posted from ThinkProgress Economy

Aug 26, 2012

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.

http://thinkprogress.org/economy/2012/08/26/746071/10-year-bush-tax-cut/

[AnotherMcIntosh]

1. All logical, but the theoretical ending of such tax cuts is never going to happen. The Repubs will

hold the continuation of the tax-cuts for the middle-class tax cuts hostage.

Once again, we'll hear: "But we don't have the votes."

And then we'll watch the vote in favor of extending the tax cuts instead of letting them expire. If we're lucky, the upcoming extension of the tax cuts for the super-rich will be another temporary one.