Tuesday, August 14, 2012

Reality Check: The Bush Tax Cuts

The left rails against the Bush tax cuts for high income Americans but what they won't tell you is that letting them expire will only bring in $680 billion over the next 10 years: or about $68 billion a year. This number comes from liberals who want them to expire.
The deficit is well over $1 trillion dollars, $1.299 trillion in 2011 according to the Treasury department. So even if you let the Bush tax cuts expire you still have a deficit of over a trillion dollars. When does the rest come from? Do you honestly think the Democrats will agree to cut that much in spending? Moreover do you think they don't have new spending ideas that will eat up at least another $68 billion?
Letting the Bush tax cuts expire will go to new spending and we'll have taken even more money out of the private sector that could have gone to expanding businesses that would have given us jobs. Or worse, businesses will have to cut their workforce to pay for the new taxes Obama wants.

If the Democrats are serious about cutting the deficit let them bring up letting the tax cuts expire when the deficit is less than $68 billion.

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