Ending Bush tax cuts for rich would save $28 billion in 2013, analysts say
Source: washington post
A Republican proposal to preserve tax cuts for the nations wealthiest taxpayers would cost $28 billion more next year than would a Democratic proposal to extend the cuts solely for middle-class taxpayers, congressional tax analysts said Thursday.
A new report from the nonpartisan Joint Committee on Taxation shows that a measure introduced by Senate Republicans to extend the George W. Bush-era tax cuts for all Americans for one year would cost about $300 billion. A competing Democratic measure, which would extend the tax cuts only on income under $250,000, would cost about $272 billion.
Democrats have threatened to let all the Bush tax cuts expire on schedule in December unless Republicans abandon their push to preserve the cuts for taxpayers in the top brackets. With the release of the new cost estimates, Sen. Orrin Hatch (R-Utah) questioned the wisdom of that position.
The American people deserve better than to have the President and his allies threaten to melt down our economy for what amounts to less than three days of federal spending, said Hatch, the senior Republican on the Senate Finance Committee. With 41 consecutive months of unemployment over 8 percent, it just makes sense to extend this tax policy for a year so we can enact meaningful, pro-growth tax reform.
Read more: http://www.washingtonpost.com/business/economy/ending-bush-tax-cuts-for-rich-would-save-just-28-billion-in-2013-analysts-say/2012/07/19/gJQAW0m0vW_story.html
Earth_First
(14,910 posts)Just sayin...
Wilms
(26,795 posts)The top rate through the fifties, the largest economic expansion the world ever knew, was 90%.
And despite that, there were still plenty of rich folks who's spawn we suffer today.
Auggie
(31,351 posts)taught_me_patience
(5,477 posts)Do people still believe that only raising taxes on the rich will close the deficit? We're going to have to raise taxes on everybody if we want to get the deficit under control.
wt1531
(424 posts)Drunk Bush left economy in a ditch and handed the keys to Obama just as companies started laying off hundreds of thousands of people. No blaming of Bush at this time from any of the right wing hacks like Beck, Limbaugh, Hannity and all the other Republican propaganda agents. Now Obama, with all the Republican obstruction, stops the bleeding and economy, slowly tries to recover, and these hate radio asses say Obama ruined the economy..
Don't know how these people look at themselves in the mirror.