Tax Cuts for the Rich? Barely 4% of the $12 TRILLION Mess

Truly depressing…
The $12 trillion misunderstanding - The Washington Post: After the CBO issued its report, Sen. Rob Portman (R-Ohio), a former director of the Office of Management and Budget who is often mentioned as a vice presidential possibility, put out a news release saying that Bush tax cuts for wealthier Americans (generally $250,000 or more for couples and $200,000 for singles) explained only 4 percent of the debt shift. The CRFB checked his math and concluded that he was right. But all of Bush’s 2001 and 2003 tax cuts — which, except for benefits for the rich, are now supported by Obama — had a bigger effect, accounting for about 13 percent of the debt swing.
Tax cuts for the rich just don't seem to be the problem. What is the problem? Our system, which encourages favors for any and every group of voters. At some point, we will need to cut spending, cut spending, and cut spending. Then, we also need to incrementally return marginal tax rates to traditional levels, sans the idiotic loopholes that are social engineering.


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