The Bush Tax Cuts in Charts, Part 2

Yesterday, I shared some charts from the Center on Budget and Policy Priorities showing just how expensive the Bush tax cuts for high-income earners have been and will continue to be if policymakers extend them.

Today I wanted to highlight a few other charts from the Center to provide some more perspective in the debate over extending tax cuts for top earners and reducing the federal deficit.

The first chart shows that every major bipartisan deficit deal of the last two decades, with the exception of 1997, has included new revenue.

 Large Deficit-Reduction Packages Have Included Large Revenue Increases

The next chart demonstrates that extending most expiring tax cuts other than the high-income tax cuts makes good economic sense. It would boost gross domestic product (GDP) by a significant 1.3% next year, a new Congressional Budget Office (CBO) report finds. Extending the high-income tax cuts would do very little to support the recovery, boosting GDP by just 0.1%.

Extending High-Income Tax Cuts a Poor Way to Support the Recovery

The Center on Budget and Policy Priorities has more charts on the current debate over the Bush tax cuts at its web site.

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