Monday, November 02, 2009

Thanks to Bush, The Rich Got A Lot Richer! But the U.S. Government Got Poorer

" cuts sponsored by President George W. Bush... cost the government, $2.34 trillion"
David Cay Johnston writes:
That’s because the tax cuts sponsored by President George W. Bush lapse at the end of next year. Those cuts will have saved individuals, and cost the government, $2.34 trillion, according to calculations the Tax Policy Center, a nonpartisan research institute, made for The New York Times. The Bush and Obama administrations have called the center’s past calculations reliable. Interest on the money borrowed to finance those tax cuts equals a month worth of income taxes paid to the government by individuals. READ MORE