Wednesday, June 08, 2011

Bush era tax cuts costing trillions

Wall Street had reason to set off fireworks on Monday, June 6, but didn’t. Celebrations might have called unwanted attention to that day as the 10th anniversary of the massive Bush era tax cuts disproportionately benefiting the wealthy.

To mark the occasion, the Economic Policy Institute issued an anti-celebratory memo on the 10 ways that the Bush tax cuts were – and still are – “expensive, ineffective, and unfair.” Some of the telling points that the memo documents about the Bush tax cuts:

--They were much more expensive than avertised.
--They were so expensive that they added trillions to the national debt.
--They continue to be expensive (financing the national debt will cost nearly $50 billion alone).
--They will be more so unless allowed to expire.

For details see the EPI paper by Andrew Fieldhouse and Ethan Pollack:

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