Monday, August 27, 2012

Bush-era tax cuts greatest contributor to debt

Claim $1 trillion in deficit reduction if cut
According to a new report by the Congressional Budget Office, the single greatest contributor to the public debt are the Bush tax cuts.
Letting them expire would add $823 billion in revenue and $127 billion in interest – for a cool $1 trillion in ten-year deficit reduction.
The House of Representatives voted in favor of extending the cuts, but President Obama has threatened to veto the measure after the elections, though he supports extending the cuts for the middle class – or those making less than $250,000 per year. The President is on record for returning to the tax rates used during the Clinton Administration, which left office with a budget surplus.

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