Garofalo reports: "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."

President Obama extends former President George W. Bush's tax cuts for the rich, 12/17/10. (photo: Saul Loeb/AFP/Getty Images)

Ending Bush Tax Cuts to the Rich Would Save Nearly $1 Trillion

By Pat Garofalo, ThinkProgress

27 August 12

resident 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:

Allowing High-Income Tax Cuts to Expire Would Reduce Deficits by $950 Billion over 10 Years

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.

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+33 # pernsey 2012-08-27 17:54

Its just so the rich can make more money, nothing grew from the Bush's tax cuts for the rich, but their pocket books.

Why any human being, that doesnt make tons of money, would be for this is beyond me. Fox news must spin some good stories to get the middle class and poor people to vote for this crap. Bush was an idiot and almost everything he did should be reversed.

Lowering taxes on the rich makes the poor and middle class taxes go up...what about this dont people get?

+7 # Street Level 2012-08-27 20:58

For the same reason why there are so many diet fads. Eat less and exercise more. Not rocket science, go figure.

+18 # leedeegirl 2012-08-27 21:29

pernsey said: "Lowering taxes on the rich makes the poor and middle class taxes go up...what about this dont people get?"

and not only that, but lowering taxes on the rich means they get to HOARD even MORE money, and not spend it on "job creation," thus, the massive unemployment and lack of good jobs available today ... why don't Americans see the correlation?

-24 # RLF 2012-08-28 03:09

Obama signed the tax cuts. They are HIS tax cuts now! He used no bargaining skills or balls, so now he has to live with these being HIS!

+6 # robniel 2012-08-28 14:13

Remember the debt ceiling obstructionism by the GOP House that held the tax cuts hostage? Remember Senate filibuster? Would YOUR bargaining skills have produced a better results? If so, you're wasting your time at RSN taking cheap shots. The next step will be the Democrat's December 31 "off the cliff" strategy to get rid of Bush's "wealthier-than -thou" tax cuts once and for all.

+9 # Cptmidnite 2012-08-28 06:56

The real problem with all of these high level numbers put out by both parties is that they are really overstated. For instance, the tax gain shown here may be overstated by 30% or more because of the ability of wealthy investors to move money to other categories where they keep the taxes low. I personally pay 42% income tax per year and I am for fixing this problem, however I believe the solution lies in rewriting our entire tax code rather than short term gains. Closing the corporate tax loopholes on both US and offshore companies would generate $500B PER YEAR. That would really start to take a bite out of the deficit.

+19 # karlarove 2012-08-27 20:31

I wonder how many more articles will need to be written to explain the following: trickle down means tinkled on,after being recycled through some one's bladder, job creators are a myth,and to cut the deficit we need revenue (taxes). And what economic growth are you citing exactly? The top .001 % have had extraordinary growth. And if Romney-Ryan are elected, who do you think will be the worlds first Trillionaire?

+11 # angelfish 2012-08-27 22:19

Numbers DON'T Lie! WHY won't The ReTHUGlicans listen to REASON and agree that the Gravy Train STOPS when the extension expires! Holding the working poor Hostage because of THEIR Greed makes NO sense! Remember fellow citizens, Help EVERYONE you know to Register, have acceptable Voter I.D. and get to the Polls on or before Election Day if there is early Polling in your State, and never, EVER Vote ReTHUGlican!

-26 # RLF 2012-08-28 03:11

Dear Sngel...Obama signed the tax cuts into law the last time and will agian...not only to save himself taxes, but all of his pals from Harvard law will save a bundle.

+23 # opinionaire 2012-08-28 04:53

Dear RLF; the Republicans in Congress held the tax cuts to everyone else hostage until Obama signed on to the cuts for the wealthy, just as they have stonewalled all potentially helpful legislation to try to wedge the Mittster-or another of their puppets-into the Presidency. No one "saves" as much money as they do. Step outside the Faux Noise machine occasionally.

+7 # grouchy 2012-08-28 00:39

Ain't gonna happen! Why? Cauz the 1% own the system and they ain't about to give a penny to anyone but themselves. Ya can sure bet on that one!

+19 # rockieball 2012-08-28 05:14

The first President to talk about the trickle down economy was Grover Cleveland. He debunked it then because the super rich of his time, the Vanderbilt's, Rockafeller's the Carnegie's to name 3 wanted to end corporate taxing and allow monopolies. It was brought back during the disastrous Reagan years which turned out to be the foundation of our economic downfall.

-7 # phrixus 2012-08-28 05:25

Obama is "100% committed?" I'm not convinced that means much considering he's demonstrated a considerable lack of backbone ever since taking the oath. Talk is cheap - actions are way overdue.

-2 # dbriz 2012-08-28 11:42

Lewis Carroll has written a well known children's story about all this.

The interest alone on our national debt in 2011 was 464 Billion. Total US debt is now approaching 16 Trillion. And yet we are fed this silly pablum about "significant deficit reduction".

The crazies in both parties will no doubt buy this silliness because they want so badly to believe their masters.

After all, the Amazing Wizards in the Empire City wouldn't fib to us would they...

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