TAX CUTS FOR THE WEALTHY:
Bush made clear that the centerpiece of his economic policy would be to
convince Congress to make "the tax cuts we passed permanent." Bush argued
this will be essential if we "want to be the leading economy in the
world."
Respected economists disagree.
William Gale and Peter Orszag of the Brookings Institution concluded that
extending the tax cuts are "likely to reduce, not increase, national
income
over the long run."
The reason? "Even if tax cuts have modest positive effects on work and
savings decisions, those effects are outweighed by the negative
consequences
of higher budget deficits." Overall, "making the tax cuts permanent would
add more than $3 trillion to deficits over the next decade."
For a fairer, simpler, fiscally responsible tax policy, see the Center for
American Progress plan.
http://www.democracyinaction.org/dia/track.jsp?key=206456487&url_num=33&url=http://www.americanprogress.org/issues/2006//10/happy_talk.html
$3 trillion of who's money, Bush? Mine.
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