Our friends at Citizens for Tax Justice have put out this summary of the Bush Tax cuts after ten years. These cuts, if extended, will nearly double the deficit and mostly benefit the rich.
Here’s what CTJ has to say:
Ten years ago, on June 7, 2001, President George W. Bush signed into law the first of several tax cuts that drove the balanced budget he inherited from President Clinton deep into the red. Last year, Congressional supporters of Bush’s policies pushed through an extension of these tax cuts through the end of 2012.One really has to wonder how any of this can possibly come under the rubric, “fiscally responsible.”
- Many lawmakers want to extend the Bush tax cuts again into 2013 and beyond, which would almost double the federal budget deficit.
- 47.2 percent of the benefits of this tax cut extension would go to the richest five percent of the nation’s taxpayers.
- The richest one percent would receive an average tax cut of $68,079 in 2013.
- The poorest 60 percent of taxpayers would receive an average tax cut of just $487 in 2013.