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Saturday, August 25, 2012

'Ending High-Income Tax Cuts Would Save Almost $1 Trillion'

If we had nearly a trillion in additional tax revenue over the next ten years, it would help the budget picture quite a bit:

CBO: Ending High-Income Tax Cuts Would Save Almost $1 Trillion, CBPP: The Congressional Budget Office’s (CBO) new report shows that allowing President Bush’s 2001 and 2003 income tax cuts on income over $250,000 to expire on schedule at the end of 2012 would save $823 billion in revenue and $127 billion on interest on the nation’s debt, compared to permanently extending all of the Bush tax cuts.  Overall, this would mean $950 billion in ten-year deficit reduction, a significant step in the direction of fiscal stability.

    Posted by on Saturday, August 25, 2012 at 12:47 PM in Budget Deficit, Economics, Taxes | Permalink  Comments (9)


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