President Obama has promised to end the Bush tax cuts on income in excess of $250,000 when they expire at the end of the year, with his aides saying that he is "100 percent committed" to preventing another extension. Of course, Republicans are again saying that all of the cuts should be extended, even as they claim that the federal deficit is too high.
But according to a new report from the Congressional Budget Office, allowing the high-end tax cuts to expire on schedule would raise $823 billion in revenue andsave $127 billion in interest payments on the debt over the next ten years. The Center on Budget and Policy Priorities used this chart to illustrate how much would be saved each year:
As the CBPP noted, "Overall, this would mean $950 billion in ten-year deficit reduction, a significant step in the direction of fiscal stability." That's nearly $1 trillion in deficit reduction for those concerned about the nation's finances.
rest at http://thinkprogress.org/economy/2012/08/26/746071/10-year-bush-tax-cut/
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