See, It’s Not Just the “Tax Cuts for the Wealthy” That Are Adding to the Deficit!
March 18, 2011
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As mentioned here before, arguments complaining about how the “tax cuts for the rich” are unpaid for and adding to the deficit is disingenuous without an accompanying argument about the similarly “unpaid for” tax rate cuts for everybody else–which cost three times as much. Somehow, no one wants to talk about that.
Today the CBO released an analysis of President Obama’s 2012 budget proposal. According to the analysis, while the Obama administration predicted $7.2 trillion in deficits over the next 10 years, the CBO stated that the number is more like $9.5 trillion.
Nine-point-five. Trillion. With a “T.”
But what also jumped out of the analysis is that the CBO predicts that tax rate cuts for the middle class will be made permanent–and the cost of that cut is going to help increase the deficit:
CBO said the biggest reasons for the deficits, compared to the status quo, are the permanent extension of the Bush-era tax rates for the middle class and changes to the Alternative Minimum Tax that Obama favors in this budget. As a result of the tax policy, there is a $2.7 trillion net increase in the deficit over the next 10 years.
There you have it, folks. criticizing the rich may be en vogue, but if there is to be honesty in this, all tax rate cuts must be discussed.
And then, rolled back.