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Old 10-02-2012, 08:04 PM   #39
mlyonsd mlyonsd is offline
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Quote:
Originally Posted by Direckshun View Post
We're a trillion-and-a-half shy of funding the government effectively, for one.
Are we talking just the Obama tax cuts on the rich (formerly called Bush tax cuts)? I'm reading that only amounts to about $700 billion over 10 years.

Quote:
How much revenue would expiring the tax cuts generate? This is perhaps one of the most important questions. Its difficult to answer. For starters, when taxes go up, people change their behavior. Perhaps they spend less or work more (or less if jobs become even more scarce). So the net affect of a tax increase of this magnitude is difficult to gage. But the CBO has made its best estimate. If we let the tax cuts for the wealthy expire, it will increase tax revenues by about $678 billion over 10 years. If we let all of the Bush tax cuts expire, well generate a total of about $3.7 trillion in additional revenue over the next decade.
http://www.doughroller.net/taxes/sho...s-be-extended/

That doesn't sound like very much to me when you're saying we're $1.5T short every year. Or is Obama going to tax them more on top of that?
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