Skip to content Skip to footer

Chart: How Ending the High End Bush Tax Cuts Saves Nearly $1 Trillion

President Obama has promised to end the Bush tax cuts on income in excess of $250,000 when they expire at the end of the year, with his aides saying that he is u201c100 percent committedu201d to preventing another extension.

President Obama has promised to end the Bush tax cuts on income in excess of $250,000 when they expire at the end of the year, with his aides saying that he is “100 percent committed” to preventing another extension. Of course, Republicans are again saying that all of the cuts should be extended, even as they claim that the federal deficit is too high.

But according to a new report from the Congressional Budget Office, allowing the high-end tax cuts to expire on schedule would raise $823 billion in revenue and save $127 billion in interest payments on the debt over the next ten years. The Center on Budget and Policy Priorities used this chart to illustrate how much would be saved each year:

As the CBPP noted, “Overall, this would mean $950 billion in ten-year deficit reduction, a significant step in the direction of fiscal stability.” That’s nearly $1 trillion in deficit reduction for those concerned about the nation’s finances.

In addition to blowing up the country’s budget, the Bush tax cuts did not lead to the promised economic growth. In fact, the economy has fared worse under the GOP’s supply-side policies, on a slew of economic measurements, than it did when supply-side was not in effect.

We’re not backing down in the face of Trump’s threats.

As Donald Trump is inaugurated a second time, independent media organizations are faced with urgent mandates: Tell the truth more loudly than ever before. Do that work even as our standard modes of distribution (such as social media platforms) are being manipulated and curtailed by forces of fascist repression and ruthless capitalism. Do that work even as journalism and journalists face targeted attacks, including from the government itself. And do that work in community, never forgetting that we’re not shouting into a faceless void – we’re reaching out to real people amid a life-threatening political climate.

Our task is formidable, and it requires us to ground ourselves in our principles, remind ourselves of our utility, dig in and commit.

As a dizzying number of corporate news organizations – either through need or greed – rush to implement new ways to further monetize their content, and others acquiesce to Trump’s wishes, now is a time for movement media-makers to double down on community-first models.

At Truthout, we are reaffirming our commitments on this front: We won’t run ads or have a paywall because we believe that everyone should have access to information, and that access should exist without barriers and free of distractions from craven corporate interests. We recognize the implications for democracy when information-seekers click a link only to find the article trapped behind a paywall or buried on a page with dozens of invasive ads. The laws of capitalism dictate an unending increase in monetization, and much of the media simply follows those laws. Truthout and many of our peers are dedicating ourselves to following other paths – a commitment which feels vital in a moment when corporations are evermore overtly embedded in government.

Over 80 percent of Truthout‘s funding comes from small individual donations from our community of readers, and the remaining 20 percent comes from a handful of social justice-oriented foundations. Over a third of our total budget is supported by recurring monthly donors, many of whom give because they want to help us keep Truthout barrier-free for everyone.

You can help by giving today. Whether you can make a small monthly donation or a larger gift, Truthout only works with your support.