Home > Federal Debt Projections With & Without the Bush Tax Cuts

Federal Debt Projections With & Without the Bush Tax Cuts

November 16, 2010 at 3:42 pm

http://www.offthechartsblog.org/federal-debt-projections-with-without-the-bush-tax-cuts/
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Posted in:   2001/2003 Tax Cuts, Congressional Action, Deficits and Projections, Federal Budget, Federal Tax, Individuals and Families

As Congress decides whether to extend the 2001 and 2003 tax cuts, we thought it might be useful to keep in mind what the federal debt would be with and without an unpaid-for extension.

Clearly, extending the tax cuts without offsetting the cost would add significantly to federal debt in the long term.  By 2050, in fact, it would increase the debt by an amount roughly equal to the size of the economy, according to our long term projections.

Stabilizing the debt as a share of the economy will require both spending reductions and revenue increases.

CBPP


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Posted in:
2001/2003 Tax Cuts, Congressional Action, Deficits and Projections, Federal Budget, Federal Tax, Individuals and Families

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  1. david a lawrence #
    11.18.2010 09:11
    1

    To whom it my concern : A compromise, please extend the current tax rates for five years for all. In five years the (rates) may change for a gross income per. year of $1,000,000 or more. Although very five years after that these rates could change,giving individuals and business a look forward to any new expenses incurred. Thank you for your time,David A.Lawrence

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