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Saturday, October 30, 2010

CRS: Cost of Extending Bush Tax Cuts = $5 Trillion

CRS Logo BNA has made available a Congressional Research Service report, The Bush Tax Cuts and the Economy (R41393), by Thomas L. Hungerford. The report states that the total cost of extending all of the 2001 and 2003 Bush tax cuts would be $5.048 trillion over the next decade, when taking into account the cost of indexing the alternative minimum tax and the cost of debt service [click on chart to enlarge]CRS 

In September, the CRS had estimated the cost of extending the Bush tax cuts as $2.8 trillion over ten years.

http://taxprof.typepad.com/taxprof_blog/2010/10/crs-cost.html

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Comments

Letting people keep their own money is not a "cost," unless one considers that government owns everything you make and spends it by letting you keep some, although less, of it. And, what's the "cost" to the economy and jobs if government takes that money rather than letting the market determine where it can be best spent and invested?

Posted by: Woody | Oct 30, 2010 10:53:44 AM

i agree. It frosts me when I hear how taxpayers "cost" the government by wanting to keep their own money.

Posted by: flash | Oct 31, 2010 8:43:49 AM

It is that sense of entitlement. The Government feels that it is entitled to my money.

Posted by: Cheyanna Jaffke | Nov 2, 2010 12:47:36 PM