Trillions in tax cuts
By Editorial Board,
Washington Post
Sunday, January 29, 6:05 PM
THE REPUBLICAN presidential candidates claim to abhor debt, yet propose tax cuts that would add trillions more.
Yes, trillions.
The case for continuing the George W. Bush tax cuts, at a cost of $3.7 trillion over 10 years (including interest), is shaky enough. The cuts for the wealthy alone, which President Obama would end, would cost with interest about $1 trillion over the next decade. But the GOP candidates want to continue all those cuts — and add many more, the vast bulk of which would again go to the wealthiest taxpayers.
Former Massachusetts governor Mitt Romney proposes additional cuts that would drain $180 billion from the treasury in 2015 alone, according to calculations by the Urban Institute-Brookings Institution Tax Policy Center. The nonpartisan center has not calculated the 10-year cost of the plan. But merely multiplying by 10 illustrates that Romney is talking trillions.
And Mr. Romney’s is the most modest of the GOP proposals. Former House speaker Newt Gingrich’s plan would cost an astonishing $850 billion in 2015 on top of the Bush tax cuts. Former Pennsylvania senator Rick Santorum’s would cost $900 billion in 2015 alone.
(More here.)
Washington Post
Sunday, January 29, 6:05 PM
THE REPUBLICAN presidential candidates claim to abhor debt, yet propose tax cuts that would add trillions more.
Yes, trillions.
The case for continuing the George W. Bush tax cuts, at a cost of $3.7 trillion over 10 years (including interest), is shaky enough. The cuts for the wealthy alone, which President Obama would end, would cost with interest about $1 trillion over the next decade. But the GOP candidates want to continue all those cuts — and add many more, the vast bulk of which would again go to the wealthiest taxpayers.
Former Massachusetts governor Mitt Romney proposes additional cuts that would drain $180 billion from the treasury in 2015 alone, according to calculations by the Urban Institute-Brookings Institution Tax Policy Center. The nonpartisan center has not calculated the 10-year cost of the plan. But merely multiplying by 10 illustrates that Romney is talking trillions.
And Mr. Romney’s is the most modest of the GOP proposals. Former House speaker Newt Gingrich’s plan would cost an astonishing $850 billion in 2015 on top of the Bush tax cuts. Former Pennsylvania senator Rick Santorum’s would cost $900 billion in 2015 alone.
(More here.)
Powered by Blogger
0 Comments:
Post a Comment
<< Home