Addressing the Federal Deficit by Ending the High-Income Tax Cuts
The Center on Budget and Policy Priorities put up a graph last week on the recent Congressional Budget Office’s analysis of ending the Bush tax cuts from 2001 and 2003 on income over $250,000. The key finding is that ending these tax cuts would save almost $1 trillion over the decade. Compared to extending all the tax cuts, ending those cuts for the top 2 percent would save $823 billion in revenue and $127 billion on interest on the nation’s debt. The graph here tells the story.